The recessions of the 1970s are often attributed to
a. declining inflation expectations.
b. an increase in oil prices.
c. declines in the price of stock.
d. decreases in the money supply.
b
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Indicate whether the statement is true or false
If the graph shown is displaying a competitive labor market, the equilibrium wage in the market would be:
A. Q*.
B. P*.
C. S.
D. D.
How does the study of economics depend upon the phenomenon of scarcity?
The slope of a ray from the origin to a point on the total cost curve is the
A. variable cost of producing the corresponding level of output. B. marginal cost of producing the corresponding level of output. C. average fixed cost of producing the corresponding level of output. D. average total cost of producing the corresponding level of output.