Along the aggregate supply curve
A) the horizontal part represents a situation where the economy is operating above full employment levels.
B) inflation would be a primary concern along the horizontal part of the aggregate supply curve.
C) idle resources, such as labor and capital, would be a feature of the vertical section of the aggregate supply curve.
D) the horizontal section of the aggregate supply curve represents the limit of production.
E) the middle, upward-sloping part of the aggregate supply curve would be associated with a growing economy that experienced increased prices from resources that are becoming relatively scarce.
E
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Which of the following will contribute to higher wage rates for labor?
a. increased productivity b. increases in capital formation c. a decrease in the supply of labor d. all of the above
Which statement is true?
A. The monopolistic competitor can make a profit in the long run. B. The monopolistic competitor operates at an output that is the lowest point on the ATC. C. The monopolistic competitor has a small influence on price because its products are differentiated. D. None of these statements are true.
Paper Pushers Inc. hires workers in a competitive labor market. Apart from labor, the company has no other variable inputs. The company's hourly output varies with the number of workers hired, as shown in the table. WorkersPages/hour0014027531054125514061507155 If each page sells for $2 and the market wage is $15 per hour, then this firm will hire ________ workers per hour.
A. 4 B. 6 C. 5 D. 7
The property that rules out indifference curves that cross is:
A. independence. B. completeness. C. diminishing marginal rate of substitution. D. transitivity.