There is evidence that the Fed, under chairman Ben Bernanke, engaged in inflation targeting.
Answer the following statement true (T) or false (F)
False
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According to the theory of demand,
a. a change in the consumer’s income or wealth changes the entire demand relationship b. the consumer’s willingness to pay is also called the demand price c. demand price measures the marginal benefit (MB) of consuming another unit of the good d. a change in product price changes quantity demanded e. all of the above
Refer to the table above. The firm ________ in the short run
A) earns a profit of $22 B) incurs a loss of $22 C) earns a profit of $76 D) incurs a loss of $76
Consider two firms that are in the same industry and the industry is competitive. Initially each firm employees equal amounts of type A and type B labor
Labor is perfectly mobile between the two firms, and type A and type B labor are perfect substitutes. Diagram separately the equilibrium conditions in the labor markets for type A and type B labor. What must be true about the wages both firms face? Why? Now assume that one of the firms decides not to hire type A labor due to some type of discrimination. What do you think will happen to the type A labor supply for both firms? How do you think the action will affect the wages for type A labor relative to type B? Why?
When demand is perfectly inelastic, an increase in price will
A) leave total revenue unchanged. B) increase total revenue. C) decrease total revenue. D) either increase total revenue or decrease total revenue, but it is impossible to tell which.