A reduction in nominal wages will cause which of the following?
A) a leftward shift in the short-run aggregate supply curve to shift to the left
B) a movement along the short-run aggregate supply curve
C) a shift of both the short-run and long-run aggregate supply curves
D) a rightward shift in the short-run aggregate supply curve
D
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Using the above table, when Jefferson's Cleaners hires three workers
A) the average product of labor is greater than the marginal product. B) the marginal product of labor is greater than the average product. C) it has already experienced diminishing marginal returns. D) Both answers A and C are correct.
Explain why wage rates might rise at Joe's Quik-Print Shop if Joe replaces his aging copy machines with state-of-the-art copy machines
Assume the price of a product sold by a perfectly competitive firm is $5. Given the data in the accompanying table, at what output level is total profit highest in the short run?OutputTotal Cost20$702575308535100401254515550190
A. 20 B. 30 C. 40 D. 50
Which of the following is an example of a tie-in sale?
A. In order to buy Dell Computers, you must also buy Microsoft Windows to get the warranty. B. Bus rides are cheaper for senior citizens than for other people. C. Two companies merge to form one company. D. Prices are set just low enough to prevent other firms from entering the market.