The level of output produced when the labor market is in equilibrium is called
A) global production output. B) natural output.
C) product market equilibrium output. D) potential output.
D
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Refer to the above table. At a price of $450, there is an
A) equilibrium. B) excess quantity supplied of 4,000 tablets. C) excess quantity demanded of 6,000 tablets. D) excess quantity demanded of 9,000 tablets.
Which statement is true about monopolies?
A. They face the demand curve of the entire industry and provide the entire industry supply. B. They do not face the demand curve of the entire industry. C. They do not provide the entire industry supply. D. None of these statements are true about monopolies.
Labor productivity is calculated by dividing GDP by
A. population. B. the price level. C. capital stock D. labor force.
When equilibrium GDP is greater than potential GDP, jobs are plentiful and labor is in great demand.
Answer the following statement true (T) or false (F)