A profit-maximizing, competitive firm for which the marginal product of labor is diminishing also experiences
a. a perfectly inelastic supply of labor.
b. a perfectly elastic supply of labor.
c. a downward-sloping demand for labor.
d. an upward-sloping demand for labor.
c
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Federal Reserve notes are
A) paper currency. B) checks issued by the U.S. government. C) savings bonds. D) travelers' checks.
Contractual inflexibility is most likely to slow price adjustment in the
A) money market. B) capital market. C) real estate market. D) labor market.
Along a straight-line production possibilities curve:
a. the opportunity cost of production of a good is zero b. the opportunity cost of production of a good falls as its output increases. c. the opportunity cost of production of a good rises as its output increases. d. the opportunity cost of production of a good is constant.
In the late 1970s and early 1980s the goals of fiscal policy were
A. completely attained. B. largely attained. C. largely unattained. D. completely unattained.