An increase in the money wage rate shifts the short-run aggregate supply curve ________; an increase in technology shifts the long-run aggregate supply curve ________
A) rightward; rightward
B) rightward; leftward
C) leftward; rightward
D) leftward; leftward
C
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A firm is concerned about the possibility of patent infringement and has hired an attorney to review patents. If the attorney is reviewing 100 patents and the marginal cost of reviewing the 100th patent is $30 and the expected marginal benefit of reviewing the 100th patent is $25, which of the following is true?
A) The firm's total cost of infringement will increase if the number of patents reviewed decreases. B) The firm's total cost of infringement will decrease if the number of patents reviewed decreases. C) The firm is minimizing the total cost of infringement. D) The firm's total cost of infringement will decrease if the number of patents reviewed increases.
The Organization of Petroleum Exporting Countries is an example of: a. a price leadership system
b. a trade group whose members have yet to influence the world price of oil, despite repeated attempts to collude. c. a successful monopoly. d. a periodically successful cartel.
The cross-price elasticity of demand between goods X and Y
A. measures the responsiveness of the quantity of X demanded to changes in the price of Y. B. is the percentage change in the price of Y divided by the percentage change in the quantity of X demanded. C. is greater than zero if X and Y are substitutes. D. both a and c E. all of the above
All of the following would shift the LRAS curve to the right EXCEPT
A. a net inflow of human capital. B. an improvement in technology. C. an increase in the size of the labor force. D. an increase in the overall price level.