If the firm were a perfect competitor, how much would its price be in the long run?
$7.00
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A person is more likely to increase labor supply in response to an increase in the real wage, the ________ is the income effect and the ________ is the substitution effect
A) larger; larger B) larger; smaller C) smaller; larger D) smaller; smaller
System in which an agency such as a government determines everyone's share.
a. price floor b. price ceiling c. deficiency payment d. rationing
Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
A temporary decrease in the price of oil would be considered a:
A. long-run supply shock. B. demand shock. C. short-run supply shock. D. The changing price of oil would not affect any of these.