If workers demand and receive higher real wages (a successful wage push), the cost of production ________ and the short-run aggregate supply curve shifts ________
A) rises; leftward
B) rises; rightward
C) falls; leftward
D) falls; rightward
A
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List and explain the two phases and two turning points of the business cycle
What will be an ideal response?
Judging from the production possibilities curve, the production of 5 units of housing and 20 units of food would be _____.
a. efficient
b. presently unattainable
c. inefficient
d. a sign of growth
Refer to the above graph. The profit-maximizing monopolist shown sets its output at:
A. 0Y. B. 0X. C. 0T. D. 0V.
Two identical firms that share a market and produce a homogenous good will find the Bertrand Oligopoly LEAST attractive because
A) Cartels generate the highest joint profit. B) a Cournot Oligopoly will generate more profit than a Bertrand Oligopoly. C) they want to avoid a price war that leads to profit erosion and P = MC. D) All of the above.