When a price floor is binding, is the price floor set above or below the market equilibrium price?
A binding price floor will be set above the market equilibrium price.
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Answer the next question based on the following data.OutputTotal Cost0$24133241348454561669The fixed cost of production is
A. $12. B. $9. C. $33. D. $24.
According to the new classical economics, predictable changes in aggregate demand
a. affect the level of real output. b. will not affect the level of real output. c. may or may not affect the level of real output. d. None of the above
Improvements in productivity shift the aggregate supply curve outward.
Answer the following statement true (T) or false (F)
If the numbers of employed and unemployed do not change but the size of the civilian population increases by 10%, what would be the effect?
a. an increase in the unemployment rate and an increase in the labor force participation rate b. an increase in the unemployment rate and no change in the labor force participation rate c. an increase in the unemployment rate and a decrease in the labor force participation rate d. no change in the unemployment rate and a decrease in the labor force participation rate