Refer to the information provided in Figure 7.8 below to answer the question(s) that follow. 
Figure 7.8Refer to Figure 7.8. The firm is currently along isocost CE. If the price of labor is $60, then the price of labor is
A. $40.
B. $60.
C. $80.
D. $90.
Answer: D
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Suppose Bob withdraws money from his savings account and deposits it into his checking account. What happens to M1?
A. It decreases. B. It increases. C. It stays the same. D. The effect is unknown.
In Figure 8.5, if equilibrium real output is Q1 and full-employment real output is Q2, an appropriate monetarist policy lever would be to increase
A. AS by increasing the money supply. B. AD by reducing government regulations. C. AD by reducing interest rates. D. AD by decreasing income taxes.
Which of the following is NOT a characteristic of oligopoly firms?
A. non-price competition, such as advertising and promotions B. perfectly elastic demand curves C. product differentiation D. strategic dependence
A firm's economic profits are given by:
a. total revenue minus total accounting cost. b. the owner's opportunity cost. c. total revenue minus total economic cost. d. total revenue minus the cost of capital.