Technological progress will
A) shift the LAS curve rightward but will not shift the SAS curve.
B) not shift either the LAS or the SAS curve.
C) shift both the LAS and SAS curves rightward.
D) shift the SAS curve rightward but will not shift the LAS curve.
C
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In the figure above, the number of workers employed is ________, and the wage paid is ________
A) 3,000; $7 per hour B) 7,000; $7 per hour C) 5,000; $5 per hour D) 5,000; $7 per hour E) 3,000; $5 per hour
Suppose a bank has $100 million in checking account deposits with no excess reserves and the required reserve ratio is 10 percent. If the Federal Reserve reduces the required reserve ratio to 4 percent, then the bank can make a maximum loan of
A) $0. B) $4 million. C) $6 million. D) $10 million.
Assume that a monopolist practices perfect price discrimination. The firm will produce an output rate
A) that is greater than the efficient level of output. B) that is less than the efficient level of output. C) that is equal to the efficient level of output. D) that converts consumers surplus into a deadweight loss.
To maximize profit, a perfectly competitive firm will produce where MR = MC, but a monopoly and a monopolistically competitive firm will produce where price = ATC
Indicate whether the statement is true or false