Which of the following is not equal to the others in equilibrium?
A) the real wage
B) the marginal rate of substitution between leisure and consumption
C) the marginal product of labor
D) the price of consumption
D
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The efficiency of the payments' mechanism affects
a. the speed with which money can be exchanged for other assets. b. how quickly individual loan applications will be approved. c. how slowly individuals deplete their cash balances. d. the speed with which financial institutions can process checks and other funds.
Within the framework of the AD/AS model, in the long run, output
What will be an ideal response?
These are the cost and revenue curves associated with a monopolistically competitive firm in the short run.
According to the graph shown, in the long run we can expect that
A. price will increase. B. firms will enter the market. C. profits will increase. D. firms will exit the market.
The role of an assumption in an economic theory is to:
A. Add realism B. Prove the theory C. Cover special cases D. Simplify the complex reality