If product prices decrease more than nominal wages decrease, then the real value of wages will increase.
Answer the following statement true (T) or false (F)
True
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Refer to the information provided in Figure 15.2 below to answer the question(s) that follow. 
Figure 15.2 Refer to Figure 15.2. The ________ quantity of perms for We Do Hair, a monopolistically competitive firm, is 40.
A. profit-maximizing B. loss-minimizing C. shut down D. break-even
Refer to the information provided in Figure 10.2 below to answer the question(s) that follow. 
Figure 10.2 Refer to Figure 10.2. This firm's marginal cost curve has shifted from MC0 to MC1. A profit-maximizing firm should ________ the amount of output produced and ________ its demand for labor.
A. increase; decrease B. decrease; decrease C. keep constant; increase D. increase; increase
Knowing the price elasticity of demand is important in business because it allows a manager to determine whether:
A. a price increase will cause the quantity demanded to rise or fall. B. an increase in supply will cause total profit to rise or fall. C. a price increase will cause total revenue to rise or fall. D. a price increase will cause the demand to rise or fall.
A star basketball player signs a contract that newspaper reports indicate is worth $10 million. The player receives $2 million upon signing, and $2 million every year for four years. The contract is worth
A. less than $10 million since the present value of $2 million received one or more years from now is less than $2 million. B. $10 million as reported in the press. C. some amount around $10 million. To determine whether it is more or less than $10 million we need to know whether the interest the player can earn is more or less than the market rate of interest. D. more than $10 million since the present value of $2 million received one or more years from now is more than $2 million.