In long-run equilibrium, which of the following is not equal to price for a perfectly competitive firm?
A. short-run average variable cost
B. long-run average total cost
C. short-run marginal cost
D. short-run average total cost
Answer: A
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If your real income falls during a period of inflation, then your nominal income might have
A) increased more rapidly than the price level. B) increased at the same rate as the price level. C) increased more slowly than the price level. D) decreased more slowly than the price level. E) More information is needed to determine if your nominal income increased more slowly, more rapidly, or at the same rate as the price level.
The increased willingness of women to enter the workforce has most likely lead to what outcome in the labor market?
a. an increase in labor demand and higher real wages. b. an increase in labor supply and higher real wages. c. an increase in labor supply and high real wages. d. a decrease in labor demand and lower real wages. e. none of the above.
Governments can use public regulation to help solve information problems by:
A. mandating participation in a market or program. B. making screening illegal. C. mandating employers build a reputation before screening. D. All of these statements are true.
A problem for developing countries is that the prices of primary products fluctuate more widely than do the prices of finished goods because
a. crop supply changes very little despite the weather b. crop supply fluctuates with the weather c. weather never varies d. crops go in and out of fashion as new diets are developed e. crop demand fluctuates with the weather