If a monopolistically competitive firm is in long-run equilibrium and average cost equals $150, then the market price must be $150
a. True
b. False
A
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The figure above illustrates the current market for fast-food workers in Baltimore
a. Without any government intervention, what is the equilibrium wage rate and amount of employment? b. If the city government imposes a minimum wage of $3 an hour, what is the amount of employment? Does the minimum wage create any unemployment? Why or why not? c. If the city government imposes a minimum wage of $6 an hour, what is the amount of employment? Does the minimum wage create any unemployment? Why or why not?
If you invest $1,000 in a savings account and the annual interest rate is 3.6 percent, your account balance will double in value in approximately _____.
A) 185 years B) 72 years C) 34 years D) 20 years E) 3.4 years
A key distinction between market-based economic systems and other types is
A) the use of democratic political systems to determine the goods produced, methods of production, and allocations of goods B) the use of corporations as a key mechanism for production of goods C). the use of public rather than private decisions to determine the goods produced, methods of production, and allocations of goods D) the reliance on voluntary decisions and exchanges versus forced exchanges
Real income and money income are the same concept
Indicate whether the statement is true or false