The typical labor supply curve
A. equals the marginal product of labor.
B. slopes down.
C. is u-shaped.
D. depends on the size of the firm.
E. slopes up.
Answer: E
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
If demand is very inelastic,
A. The demand curve will be very steep. B. The demand curve will be horizontal. C. The demand curve is upward-sloping. D. The demand curve will be very flat.
When a country specializes and trades with other countries, it is most likely that it specializes in goods for which
A. it has no advantage. B. it has a comparative advantage. C. it has an absolute advantage. D. are very costly to produce.
A standard which came to the market first, such as the QWERTY letter layout in typewriters, can become entrenched (this layout is still used for computer keyboards today). What is this phenomenon called?
A) network externalities B) path dependency C) sunk cost D) comparative advantage