Holding other factors constant, technological progress ________ the real wage and ________ employment.
A. decreases; increases
B. increases; decreases
C. increases; does not change
D. increases; increases
Answer: D
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Explain whether the statement, "Hillary Clinton was elected President of the United States in 2008," is a normative or positive statement
What will be an ideal response?
A market is ________ when a small number of firms compete
A) a monopoly B) perfectly competitive C) monopolistically competitive D) an oligopoly E) either monopolistically competitive or an oligopoly
A perfectly competitive industry in long-run equilibrium is described as efficient because firms
A. produce at the low point on their average cost curve. B. produce where marginal cost yields a profit. C. earn no more than the cost of capital. D. are not profitable.
Accounting profit is total revenue minus total cost, including both explicit and implicit costs
Indicate whether the statement is true or false