The price elasticity of demand for labor will depend upon all but the
A) price elasticity of demand for the final product.
B) price elasticity of supply for the final product.
C) time period being considered.
D) availability of substitutes for inputs.
B
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The country with the lowest degree of central bank independence in the period 1973-88 was ________
A) Germany B) Japan C) The United States D) Spain
Average fixed cost is
a. the sum of variable and fixed costs b. total cost minus variable cost c. variable cost plus marginal cost d. total fixed cost per unit of output e. constant as output changes
Because a monopolistically competitive firm has some market power, in the long-run the price of its product exceeds its
a. average revenue. b. average total cost. c. marginal cost. d. None of the above is correct.
The MPC + MPS must always equal
A. The APC. B. 0. C. 1. D. The slope of the consumption function.