A monopolist's supply curve is vertical
a. True
b. False
Indicate whether the statement is true or false
False
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In the above figure, if the minimum wage is set at $6 per hour, the level of unemployment is ________ hours per week is
A) 40 million B) 30 million C) 20 million D) 0
We can say that the potential level of real GDP is fixed because the long-run aggregate supply curve is a vertical line
a. True b. False Indicate whether the statement is true or false
The consumption function
a. illustrates the relationship between real disposable income and real consumption spending b. illustrates the relationship between the price level and real consumption spending c. is the relationship between productivity and real consumption spending d. shows how real consumption increases when real disposable income decreases e. illustrates the relationship between real consumption spending and employment
Caren is willing to sell cakes at $5 per piece. The market price of each piece of cake is $10 . The producer surplus received by Caren from the sale of each piece is $10
a. True b. False Indicate whether the statement is true or false