The demand curve faced by a perfectly competitive firm
a. is the market demand curve
b. slopes downward
c. is perfectly elastic
d. is vertical
e. rises when market supply rises
C
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Price elasticity of supply:
A. is the percentage change in the quantity supplied of a good or service divided by the percentage change in the price of the good or service. B. measures consumers' responsiveness to a change in price. C. is always a negative number. D. is the percentage change in the price of a good or service divided by the percentage change in the quantity supplied of the good or service.
If events A and B are independent, then Pr[A and B] will be:
a. Pr[A]Pr[B]. b. Pr[A]-Pr[B]. c. Pr[A]?Pr[B]. d. Pr[A]?Pr[B].
In the long run, monetary policy can
a. change the form of inflation b. change the type of unemployment c. change the level of unemployment d. stop the flow of currency abroad e. change the rate of inflation
If a monopsonist discovers that the MLC is $6 and the MRP is $3, she should
a. hire more workers and pay them more b. hire fewer workers and pay them more c. hire more workers and pay them less d. hire fewer workers and pay them less e. keep hiring the same number of workers at the current wage