The perfect competition price system is the most efficient because it equates MC = P = MU.
Answer the following statement true (T) or false (F)
True
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Based on the data in the table above, at the short-run equilibrium
A) the unemployment rate is less than the natural unemployment rate. B) the unemployment rate is greater than the natural unemployment rate. C) the money wage rate will rise in the long run. D) the economy is at full employment.
What is the substitution effect?
What will be an ideal response?
An effective way to restore credibility to monetary authorities after a period of hyperinflation is
A) the introduction of a new monetary unit. B) the introduction of wage and price controls. C) a reduction in bank reserve requirements. D) the centralization of monetary and fiscal policy under a single governmental unit.
The study of health care provision in Delhi, India by Hammer and Das found:
A. doctors in public clinics were often more creative in diagnoses and care than doctors in private facilities. B. the implementation of national healthcare provisions had strong associations with quality of care. C. unless doctors were intrinsically motivated, no incentive exists for them to provide high quality care. D. doctors often worked at or beyond their knowledge frontier.