The unregulated, single-price monopolist illustrated in the figure above has a total cost of
A) $8.00 per day.
B) $16.00 per day.
C) $32.00 per day.
D) $40.00 per day.
C
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Nonunion wages should be modeled as
A) sticky, because they imitate union wages rather closely. B) sticky, because their contracts cannot contain COLA clauses. C) perfectly flexible, because wage contracts are illegal outside of unions. D) perfectly flexible, because workers willing to take the risks of full wage flexibility are precisely those workers who have rejected unionization.
Which of the following is a short-run decision?
A. Because of an increase in enrollment, the economics department hires two new professors. B. After a new classroom building is built, the economics department hires two new professors. C. Your college builds a new classroom building. D. The economics department buys new computers for the professors.
For a number of years Canada and many European countries have had higher average unemployment rates than the United States. The Phillips curve suggests that these countries
a. have higher average inflation rates than the United States. b. have long-run Phillips curves to the right of the United States'. c. may have less generous unemployment compensation or lower minimum wages. d. All of the above are consistent with the evidence on unemployment rates.
Refer to the information provided in Figure 3.10 below to answer the following question(s).
Figure 3.10Refer to Figure 3.10. A movement from Point A to Point B on supply curve S2 would be caused by a(n)
A. increase in the price of hamburgers, assuming hamburgers are a substitute for pizza. B. decrease in the demand for pizza. C. increase in the price of pizza dough. D. increase in the price of pizza.