A relationship that depends on the basic behavior of consumers and firms and remains unchanged over long periods is called a ________ relationship
A) cyclical B) structural C) frictional D) dynamic
B
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The equation of exchange is M × Y = P × V
a. True b. False Indicate whether the statement is true or false
A slight increase in the marginal cost of a firm definitely leads to a reduction in its output if the firm competes in the:
A. Cournot fashion. B. Cournot fashion and Bertrand fashion. C. Bertrand fashion. D. Sweezy fashion.
Which of the following is the most common form of a business organization?
A) corporation B) partnership C) sole proprietorship D) subchapter S corporation
If, beginning from a competitive labor market, some workers form a union and negotiate a higher rate for themselves, which of the following is likely to happen? a. Competition will force the wage rate in the non-union sector to increase to the level of the union wage. b. The marginal product of labor curve will increase in the unionized sector
c. Employment will move from the union to the non-union sector over time. d. Employment will increase in the union sector because workers will be attracted by the higher union wage.