A monopoly market is:
A. a market with many sellers.
B. a market with a single seller.
C. a market with a few sellers.
D. a market with a single buyer.
B. a market with a single seller.
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The lack of a long-run tradeoff between the unemployment rate and the inflation rate means the long-run Phillips curve is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping. E) U-shaped, with higher inflation initially decreasing unemployment and then increasing it back to the natural unemployment rate.
The distribution of wealth is skewed because more families are below the average level of wealth than are above
Indicate whether the statement is true or false
A profit-maximizing firm will employ labor up to the point where MRP = wage
Indicate whether the statement is true or false
Taxes can have an important effect on:
A. the labor supply. B. saving. C. economic growth. D. All of these