Compensation of employees is the largest component of national income
Indicate whether the statement is true or false
TRUE
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The demand for household appliances increased due to an increase in consumers' incomes. This will lead to a ________, assuming all else equal
A) rightward shift of the labor demand curve of this industry B) leftward shift of the labor supply curve of this industry C) rightward shift of the labor supply curve of this industry D) leftward shift of the labor demand curve of this industry
A monopolistically competitive firm ________ in the long run
A) earns low but positive economic profits B) earns high economic profits C) earns zero economic profits D) incurs losses
Over the last 35 years, the wage gap between people of different education levels has ______.
a. widened b. narrowed c. disappeared d. not changed
If the quantity demanded of a product is the same for each possible price, demand is
A. perfectly elastic. B. perfectly inelastic. C. unit-elastic. D. elastic.