Based on the data in the table above, in the adjustment towards the long-run equilibrium
A) money wage rates will rise.
B) the aggregate demand curve will shift leftward.
C) the short-run aggregate supply curve will shift leftward.
D) the short-run aggregate supply curve will shift rightward.
D
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Refer to the scenario above. If Molly wins the auction by using her optimal bidding strategy, she will earn a surplus of ________
A) $0 B) $50 C) $14 D) $25
If a sailboat manufacturer has an agreement with the firm that produces the engines for the sailboats, this is an example of a ________ agreement.
A) vertical B) rightward C) horizontal D) leftward
The demand curve for labor of a monopolist
A) is horizontal even though the demand curve for labor for a competitive firm is downward sloping. B) slopes down for the same reason as the demand curve for labor of a perfectly competitive firm. C) slopes down because of the law of diminishing marginal product and because the monopolist must lower prices to sell additional units of the good. D) slopes upward because monopolists use more capital than do perfectly competitive firms.
Refer to Table 10.1. The marginal product of the fifth unit of labor is:
A. 8. B. 40. C. 50. D. 250.