Which of the following is not a characteristic of the classical system?
a. temporary excess demand and supply in labor markets.
b. Price flexibility
c. Money wage flexibility
d. real values, not nominal values, matter
A
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A form of implicit collusion where one firm in an oligopoly announces a price change which is matched by other firms in the same industry is
A) "tit-for-tat" pricing. B) "follow the leader" pricing. C) retaliation pricing. D) price leadership.
Policymakers often use the natural rate of unemployment as a basis in policy formulations
Indicate whether the statement is true or false
If regulations create barriers to entry in an industry, the result can be _____
a. efficiency b. monopoly c. monopsony d. higher output
Which of the following graphs or charts must add up to one hundred percent?
a. a labor graph b. a pie chart c. a time-series graph d. a scatter diagram