In the short run, there is a positive relationship between _____
Fill in the blank(s) with the appropriate word(s).
the actual price level and the aggregate quantity supplied.
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If monetary equilibrium were to occur
A) inflation would not occur. B) deflation would not occur. C) the price level would be stable. D) all of the above would be true. E) none of the above would be true.
A worker supplies labor to the market if the
A) wage is less than the reservation wage. B) wage is greater than the reservation wage. C) minimum wage is less than the reservation wage. D) demand for labor exceeds the supply of labor.
A natural monopoly that is regulated to set its price equal to its marginal cost
A) incurs an economic loss. B) makes zero economic profit. C) makes an economic profit. D) creates the maximum deadweight loss.
Suppose that you are a fishing boat owner and that you have purchased a boat for $75,000 with a 15 year loan for the full amount. What is your fixed cost per year, ignoring interest payments?
a. $1,000 b. $7,500 c. $5,000 d. $2,500 e. $3,750