The higher the cost of acquiring skills, the ________ are the high-skilled and low-skilled labor ________ curves
A) closer together; demand
B) farther apart; demand
C) closer together; supply
D) farther apart; supply
D
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The idea of opportunity cost is relevant
A. only in consumption decisions. B. only in production decisions. C. only in financial decisions. D. in almost any kind of decision.
Classical economists believe that: a. wage ,price, and interest rates are inflexible
b. wage, price, and interest rates are flexible. c. fiscal policy should be used to stabilize the economy. d. monetary policy should be used to stabilize the economy.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.
Which of the following is correct for a monopolistically competitive firm in long-run equilibrium?
A. MC = ATC. B. MC exceeds MR. C. P exceeds minimum ATC. D. P = MC.