Refer to the below graph. If this labor market were operating under pure competition, the equilibrium wage rate would be:
A. W1 and Q1 workers would be hired
B. W2 and Q2 workers would be hired
C. W2 and Q1 workers would be hired
D. W3 and Q1 workers would be hired
B. W2 and Q2 workers would be hired
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For a theme park two-tier pricing can include a positive admission price and a zero per-ride fee
Indicate whether the statement is true or false
Explain how the free-market mechanism adjusts prices so that resource allocation is economically efficient.
What will be an ideal response?
Neoclassical economists who focus on potential GDP as the primary determinant of real GDP argue that the long-run aggregate _______________ curve is located at potential GDP.
a. demand b. supply c. production d. labor
Which of the following is an equilibrium condition for the goods market in the short-run? # randomize
A. measured savings equal measured investment B. Desired savings equal desired investment C. Money demand equals money supply D. Consumption equals savings