Refer to the above table. The table represents information on the costs for Ajax Corporation. Ajax operates in a perfectly competitive market and the price of the product is $8. What will be the value of total revenue when quantity sold equals 3?
A) $24
B) $27
C) $3
D) $9
A
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Indicate whether the statement is true or false
If the long-run Phillips curve shifts to the right, then for any given rate of money growth and inflation the economy has
a. higher unemployment and lower output. b. higher unemployment and higher output. c. lower unemployment and lower output. d. lower unemployment and higher output.
For wages to be higher without sacrificing jobs, productivity must decrease.
Answer the following statement true (T) or false (F)
If the graph shown is displaying a competitive labor market:
A. Q* would represent the equilibrium wage. B. S would represent the firm's supply of jobs at each wage. C. P* would represent the equilibrium wage. D. S would represent an individual worker's supply of labor at each wage.