If the labor market is competitive, a monopoly output market will result in
A) a lower wage than that of a competitive output market.
B) a higher wage than that of a competitive output market.
C) less labor hired than in a competitive output market.
D) more labor hired than in a competitive output market.
C
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For prices above the minimum average variable cost, a perfectly competitive firm's supply curve is
A) horizontal at the market price. B) vertical at zero output. C) the same as its marginal cost curve. D) the same as its average variable cost curve.
If marginal costs differ quite substantially from average total costs, then using a cost-plus pricing schedule will not lead to the profit maximizing price
Indicate whether the statement is true or false
Cutting the money supply by one-third is predicted by the quantity theory of money to cause
A) a sharp decline in real output of one-third in the short run, and a fall in the price level by one-third in the long run. B) a decline in real output by one-third. C) a decline in output by one-sixth, and a decline in the price level of one-sixth. D) a decline in the price level by one-third.
The PPF between goods X and Y will be a downward-sloping
A) straight line if increasing opportunity costs exist. B) straight line if decreasing opportunity costs exist. C) curve that is bowed outward if increasing opportunity costs exist. D) curve that is bowed outward if constant opportunity costs exist.