As the wage rate rises, other things constant, perfectly competitive firms will employ
A) more workers.
B) less capital.
C) the same number of workers.
D) fewer workers.
D
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"The price elasticity of demand is a measure of how sensitive demanders are to changes in the price of a product." Is this statement true or false?
What will be an ideal response?
Which of the following statements best describes the US economy between 1921 and 1928?
a. Most of the major sectors were growing very rapidly b. Hyperinflation led to large decreases in the standard of living c. Real average wage growth was stagnant d. Unemployment fluctuated dramatically
Inferior goods have negative income elasticities
a. True b. False Indicate whether the statement is true or false
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C