The profit maximizing firm produces where total revenue exceeds total cost by the greatest amount
Indicate whether the statement is true or false
true
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The situation in which a person places greater value on a good as more and more people possess it is called the
A) Bandwagon Effect. B) Greater Value Effect. C) Snob Effect. D) Behavioral Effect.
A short-run aggregate supply curve (SRAS) assumes: a. the CPI is fixed
b. each point on the SRAS is potential real GDP. c. fixed or sticky nominal wages. d. nominal wages vary directly with price changes.
Which of the following would tend to increase the wage of coal miners?
a. new environmental laws that make it more costly for firms to use coal in their production process b. an increase in the price of oil, a substitute for coal c. a decrease in the demand for coal d. an increase in the supply of coal miners
Okun's law relates ________ to ________.
A. inflation; unemployment B. output; employment C. output; unemployment D. inflation; output