Your nominal wage increases from $12 per hour to $13 per hour. At the same time, the price level increases from 140 to 147 . As a result,
a. The number of dollars you receive increases and the purchasing power of the dollars you receive increases.
b. The number of dollars you receive increases and the purchasing power of the dollars you receive decreases.
c. The number of dollars you receive decreases and the purchasing power of the dollars you receive increases.
d. The number of dollars you receive decreases and the purchasing power of the dollars you receive decreases.
a
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A cartel price will be established at the quantity where
A) total cost equals the industry total revenue. B) average cost equals the industry revenue. C) the sum of the members' marginal costs equals industry marginal revenue. D) marginal cost equals industry price.
Expansionary monetary policy:
A. decreases the interest rate and increases the price level. B. decreases the interest rate and decreases the price level. C. increases the interest rate and increases the price level. D. increases the interest rate and decreases the price level.
Which of the following is likely to be a monopolist?
A. a potato chip company that sells a high quantity of chips, but competes with other chip producers B. a farmer who specializes in growing organic fruits and vegetables C. the sole producer of a new medical device for people with limited mobility D. the chemical company in a small town that employs most of the town's workforce
Informal collusion to restrict output and increase prices is sometimes referred to as a:
A. Merger B. Cartel C. Tacit understanding D. Kinked-demand oligopoly