In a labor market with one employer, the MLC is
a. above the supply curve of labor
b. above the demand curve for labor
c. what determines the wage rate
d. downward sloping
e. horizontal
A
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On average, in the recessions since 1950, it has taken ________ for real GDP to return to its cyclical peak
A) about 6 months B) about 1 year C) about 18 months D) almost 2.5 years
If the central bank targets a monetary aggregate, it is likely to lose control over the interest rate because
A) of fluctuations in the demand for reserves. B) of fluctuations in the consumption function. C) bond values will tend to remain stable. D) of fluctuations in the business cycle.
A decrease in the discount rate ________ bank reserves and ________ the federal funds rate
A) increases; raises B) increases; lowers C) decreases; raises D) decrease; lowers
Group price discrimination has ________ consumer surplus than under ________
A) more; perfect competition B) less; perfect competition C) more; an elastic demand curve D) less; single-price monopoly