Moving along which curve does the money wage rate and the price level change in the same proportions?
What will be an ideal response?
the long-run aggregate supply curve
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Which of the following does not arise from price discrimination?
A) an increase in quantity sold B) an increase in profits C) an increase in consumer surplus D) an increase in producer surplus
In general, economic profits are:
A. less than accounting profits. B. the same as accounting profits. C. greater than accounting profits. D. not comparable to accounting profits.
When a pharmaceutical firm spends millions of dollars to lobby and convince Congress to extend the number of years a firm is awarded patent protection, then the pharmaceutical firm is engaging in:
A. rent seeking. B. fraud. C. price discrimination. D. marginal cost pricing.
If demand were perfectly elastic, there would be no excess burden.
Answer the following statement true (T) or false (F)