According to the Classical model, an excess supply of labor would drive up wages to a new equilibrium level and therefore unemployment would not persist.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to nominal GDP in 2015 was ________ and to real GDP in 2015 was ________.
A. $80,000; $80,000 B. $80,000; $88,000 C. $88,000; $90,000 D. $80,000; $99,000
In a cartel, how does the number of firms affect the likelihood that the cartel will be able to successfully maintain a high price?
What will be an ideal response?
Positive economic analysis is supposed to be
A) true. B) free of value judgments. C) just and fair. D) moral and honest.
The cost involved when choosing between alternatives is known as the
A. marginal cost. B. normative cost. C. sunk cost. D. opportunity cost.