Miguel receives a pay raise at his part-time job from $7.50 to $9 per hour. He used to work 10 hours per week, but now he decides to work 12 hours per week. For this price range, his labor supply curve is
a. vertical.
b. horizontal.
c. upward sloping.
d. backward sloping.
c
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If velocity and the money supply are __________________, then when one component of spending rises another component of spending ________________
A) constant; must fall B) constant; must rise C) rising; may not necessarily fall D) rising; must rise
The unlawful misdirection of governmental resources for personal gain is known as:
A. political corruption. B. logrolling. C. adverse selection. D. the special-interest effect.
The long-run equilibrium of a monopolistically competitive firm is characterized by
A. production at the minimum point of the firm's average variable cost curve. B. production at the minimum point of the firm's average total cost curve. C. a tangency of the average total cost curve with the firm's demand curve. D. price equal to marginal cost.
If you drive on a rural stretch of highway and come upon an intersection in which there are two gas stations, and you know them to be the only ones for 100 miles, they are
A. monopolistic competitors. B. perfect competitors. C. monopolists. D. oligopolists.