The monopolistic competitor
A. produces at the minimum point of her average total cost curve.
B. maximizes profits but does not minimize losses.
C. is usually a small firm.
D. can be a monopoly.
C. is usually a small firm.
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The nominal interest rate in Autarkia has risen sharply after a change in a government policy. How will this affect the economy if the wages in the country are downwardly rigid?
What will be an ideal response?
The long run demand curve for wheat is likely to be: a. more elastic than the short run demand curve for wheat. b. more inelastic the short run demand curve for wheat. c. the same as the short run demand curve for wheat
d. more inelastic than the short run supply of wheat.
The price effect describes the:
A. increase in the quantity of labor supplied in response to a lower wage. B. decrease in the quantity of labor supplied in response to a higher wage. C. increase in the quantity of labor supplied in response to a higher wage. D. increase in the quantity of labor demanded in respond to a higher wage.
A change in the wage causes a shift in the supply curve for labor and a
A) shift along the demand curve for labor. B) shift in the demand curve for labor. C) rotation in the demand curve for labor. D) It cannot be determined by the information provided.