Negotiation and cooperation are most effective in reducing the problems that people inflict upon one another when
What will be an ideal response?
property rights are clearly defined and enforced.
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In the long run, output is determined solely by the supply of capital and the supply of labor, not the price level
Indicate whether the statement is true or false
Farmer Jones knows that the marginal cost to produce a bushel of tomatoes is $5 per bushel. He also knows that a consumer is willing to pay a maximum of $9 for the bushel. The price of the bushel is $6 and Farmer Jones sells his bushel for $6
On this bushel, Farmer Jones earns a producer surplus equal to A) $1. B) $3. C) $5. D) $6.
The above figure illustrates the labor market for fast food restaurants in a small city in Peru. What would be the effects of a minimum wage imposed at $4 per hour?
A) a shortage of 200 hours B) a shortage of 100 hours C) a surplus of 200 hours D) nothing because the minimum wage has no effect on the equilibrium price and quantity
If the real interest rate is -1.4% and the nominal interest rate is 0.6%, expected inflation equals
A) -2% B) -0.8% C) 0.8% D) 2%