Aggregate supply is _____________.
Fill in the blank(s) with the appropriate word(s).
the nation's output of goods and services
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A reduction in the supply of labor will cause
A. wages to increase and employment to increase. B. wages to increase and employment to decrease. C. wages to decrease and employment to increase. D. wages to decrease and employment to decrease.
How does a cartel differ from an oligopolistic industry?
A. Oligopolistic industries cannot make economic profit. B. Cartels reduce uncertainty to maximize profits. C. Cartels are legal while oligopolies are illegal. D. Oligopolies face large amounts of competition while cartels do not.
A payment is said to be indexed if it is automatically adjusted for inflation.
Select whether the statement is true or false. A. True B. False
When supply falls and demand remains the same, equilibrium price _______ and equilibrium quantity __________.
Fill in the blank(s) with the appropriate word(s).