In the contract theory of wages, if workers and firms agree to enter into contracts in which their money wage adjusts automatically to changes in the actual price level, then aggregate supply
a. slopes upward and to the right.
b. shifts upward.
c. is horizontal.
d. is vertical.
D
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Monopoly profits lead to technological process by
A) increasing the amount of human capital in the economy. B) firms lobbying Congress for protection of their monopolies. C) carefully investing deadweight loss. D) encouraging the development of innovations by firms attempting to break a monopoly.
A market structure in which one firm produces a good or service that has no close substitutes is called
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
The F-statistic is an alternative measure of goodness-of-fit of an estimated regression equation and defined as the:
A) variation not explained by the regression equation relative to the variation explained. B) variation explained by the regression equation to the variation not explained. C) variation explained. D) variation not explained.
The efficient level of pollution is greater
a. The higher the marginal social benefit of abatement function and the higher the marginal social benefit of abatement function. b. The higher the marginal social benefit of abatement function and the lower the marginal social benefit of abatement function. c. The lower the marginal social benefit of abatement function and the higher the marginal social benefit of abatement function. d. The lower the marginal social benefit of abatement function and the lower the marginal social benefit of abatement function.