Figure 4.5 illustrates a set of supply and demand curves for hamburgers. A decrease in supply and an increase in demand are represented by a movement from
A) point d to point c. B) point b to point d. C) point c to point b. D) point c to point a.
D
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In a bilateral monopoly, the wage rate is likely to be ________ than the value of marginal product of labor and ________ than in a pure monopsony
A) lower; lower B) lower; higher C) higher; lower D) higher; higher
Under the gold standard, if the dollar price of gold is pegged at $35 per ounce and the dollar/euro exchange rate is set at $2.40 per euro, what must the euro price of gold be pegged at?
What will be an ideal response?
Like the monopolist, the monopolistically competitive firm:
A. faces a downward sloping demand curve. B. is a price taker. C. sets the price where marginal cost equals marginal revenue; the demand curve doesn't matter. D. All of these statements are true.
When aggregate demand increases,
A) the price level is likely to rise as GDP rises. B) the price level is likely to fall as GDP rises. C) aggregate supply will shift to the right. D) aggregate supply will shift to the left.