A firm that has the ability to control to some degree the price of the product it sells
A) is also able to dictate the quantity purchased.
B) faces a perfectly inelastic demand curve.
C) is a price maker.
D) faces a demand curve that is inelastic throughout the entire range of market demand.
C
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Structural stagnation cannot be treated as a normal business cycle because it:
A. is far less responsive to typical demand-side policies. B. is far less responsive to supply-side policies. C. only occurs as result of hyperinflation. D. only happens once every 30 years.
The slope of a line parallel to the vertical axis is:
A. zero. B. one. C. infinite. D. one-half.
A portion of a worker's earnings is economic rent if the worker
A. has skills that make him more productive than an unskilled worker. B. has been on the job for at least a year. C. would accept a small reduction in pay without quitting. D. was the last person hired at the going wage rate.
Formula for national income