Refer to the figure above. What is the equilibrium wage rate if the labor demand curve is LD1 and the labor supply curve is LS1?
A) $25 B) $30 C) $20 D) $15
A
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In a recent court case, an expert witness defined a monopoly as a firm that can "raise price without reducing its total revenue"
What does this imply about the elasticity of demand? Would this definition hold for a profit-maximizing monopoly? Explain.
Economists use the term "demand" to refer to:
A. the total amount spent on a particular commodity over a stipulated time period. B. a particular price-quantity combination on a stable demand curve. C. an upsloping line on a graph that relates consumer purchases and product price. D. a schedule of various combinations of market prices and amounts demanded.
Loans made in the federal funds market:
A. are made by the Federal Reserve System to the bank within 24 hours. B. are unsecured loans. C. are insured by the FDIc. D. are highly collateralized.
Purchasing power parity refers to
A. adjustments in exchange rate conversions that take into account differences in inflation rates across countries. B. calculating real, per capita GDP in dollars. C. adjustments in exchange rate conversions that take into account the differences in true cost of living across countries. D. adjustments in GDP figures to put everything into one common currency for comparison sake.