A functional relationship exists between two variables if the value of one variable depends on the value of the other variable
a. True
b. False
A
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If the demand for labor is unchanged, an increase in the supply of labor will lead to
A) a decrease in the quantity of labor demanded and a decrease in the equilibrium wage. B) a decrease in the quantity of labor demanded and an increase in the equilibrium wage. C) an increase in the quantity of labor demanded and an increase in the equilibrium wage. D) an increase in the quantity of labor demanded and a decrease in the equilibrium wage.
The measure of the aggregate price level that is most frequently reported in the media is the
A) GDP deflator. B) producer price index. C) consumer price index. D) household price index.
The more elastic the demand curve, a monopoly
A) will have a larger Lerner Index. B) will face a lower marginal cost. C) will earn more profit. D) will lose more sales as it raises its price.
Oligopolists seldom change prices, because they don't like change
a. True b. False Indicate whether the statement is true or false