For a firm operating in a perfectly competitive industry, marginal revenue and average revenue are equal
a. True
b. False
Indicate whether the statement is true or false
True
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The supply of labor in the classical system is a function of the
a. marginal product of labor. b. real wage. c. the public's preference for leisure. d. money wage. e. b and c
Refer to Scenario 17.2. The lowest level of y* that can be set and still have only the high-productivity people meet it is
A) 90. B) 60. C) 30. D) 22.5. E) 15.
When inflation occurs, consumers
A. realize gains in their wealth. B. increase spending to catch up with higher prices. C. automatically shift the consumption line upward. D. suffer a decrease in real wealth.
According to the misperceptions theory, an anticipated decline in the money supply leads to a shift of the AD curve ________ and a shift of the SRAS curve ________.
A. up and to the right; upward B. down and to the left; downward C. up and to the right; downward D. down and to the left; upward