The adjustment of nominal incomes to changes in the price level (CPI) is fixed because of the:
a. complete information possessed by workers.
b. volatility of investment spending.
c. existence of long-term contracts.
d. all of these choices.
c
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When Kate and Sam use dollars to compare the market values of their automobiles, money is acting as a
A) unit of accounting. B) standard of deferred payment. C) store of value. D) medium of exchange.
In the long run a monopolistic competitor
A) set MR = MC. B) produces where P = AC. C) sets P > MC. D) All of the above.
Cartels are formal agreements and are _____ in the United States.
a. legal b. rare c. common States d. illegal
As a result of a tariff, domestic consumers buy
a. fewer units at a higher price. b. fewer units at a lower price. c. more units at a lower price. d. more units at a higher price.