If the graph shown is displaying a competitive labor market, the equilibrium wage in the market would be:
A. D.
B. S.
C. P*.
D. Q*.
Answer: C
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A firm in monopolistic competition has ________ demand curve
A) a downward-sloping B) an upward-sloping C) a vertical D) a horizontal E) a U-shaped
An increase in the population and hence the supply of labor causes a
A) shortage of labor at the original real wage rate and the real wage rate will fall. B) surplus of labor at the original real wage rate and the real wage rate will rise. C) surplus of labor at the original real wage rate and the real wage rate will fall. D) shortage of labor at the original real wage rate and the real wage rate will rise.
The official government measure of poverty uses the relative approach to defining poverty
Indicate whether the statement is true or false
Brand names and packaging are forms of product differentiation under monopolistic competition.
Answer the following statement true (T) or false (F)