Technological progress shifts the long-run aggregate supply curve to the right
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
The marginal product of labor can be defined as: a. the change in profit divided by the change in labor, other factors of production held constant
b. the change in total output provided by a one unit increase in labor employed, other factors of production held constant. c. the total output divided by the total labor utilized. d. the change in labor utilized divided by the change in total output, other factors of production held constant.
For most goods, the real-income effect of a price change is
A. small because the decision to buy a good depends only on the income of a consumer. B. large because the price of the good is in terms of the currency and the income of the person is also in terms of the currency. C. zero because the real-income effect only applies to durable goods. D. small because the good accounts for a small part of the consumer's budget.
Danielle Ocean pays for monthly pool maintenance for her home swimming pool. Last week, the owner of the pool service informed Danielle that he will have to raise his monthly service fee because of increases in the price of pool chemicals. How is the
market for pool maintenance services affected by this? A) There is an increase in the supply of pool maintenance services. B) There is a decrease in the demand for pool maintenance services. C) There is a decrease in the quantity of pool maintenance services supplied. D) There is a decrease in the supply of pool maintenance services.
Refer to the below graph of the market for low-skilled labor. Sd is the supply of domestic resident workers, and St is the total supply of labor including undocumented workers. If there are illegal immigrants in the market, how many legal residents will be employed?
A. 15M
B. 120M
C. 135M
D. 22M