Suppose the MRP of the 49th worker at a firm is $25 and that the market wage rate is $15. We know that if this firm operates in perfectly competitive product and labor markets
A) the firm is paying wages above the minimum wages.
B) the firm's profits would increase if it fired some workers.
C) the firm would be more profitable if it hired more workers.
D) the firm should use more capital.
C
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Refer to Figure 17-9. Fed Chairman Paul Volcker's response to the ________ of the late 1970s is depicted in the figure above as a movement from C to D to A
A) appreciation of the dollar B) deflation C) high inflation D) high unemployment
The market for heroin, for example, is what economists call a(n) ______ market.
a. illegal b. irregular c. regulated d. social
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
Suppose that a market for a product is in equilibrium at a price of $3 per unit. At any price below $3 per unit
A) there will be an excess demand for the product. B) the quantity demanded of the product will be less than the quantity supplied of that product. C) there will be a surplus of that product. D) there will be an excess supply of the product.