Which of the following is correct?
A. The nominal wage may fall, but the real wage can never decline.
B. The real wage may fall, but the nominal wage can never decline.
C. Both the nominal and the real wage must always rise.
D. The nominal and the real wage may both fall.
Answer: D
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When there is a kinked demand curve, an oligopolist's competitors will match price increases
Indicate whether the statement is true or false
Once the demand curve for a product or service is drawn, it
a. remains stable over time. b. can shift either rightward or leftward. c. is possible to move along the curve, but the curve will not shift. d. tends to become steeper over time.
Which of the following statements is correct?
a. The demand curve facing a competitive firm is horizontal, as is the demand curve facing a monopolist. b. The demand curve facing a competitive firm is downward sloping, whereas the demand curve facing a monopolist is horizontal. c. The demand curve facing a competitive firm is horizontal, whereas the demand curve facing a monopolist is downward sloping. d. The demand curve facing a competitive firm is downward sloping, as is the demand curve facing a monopolist.
Right-to-work laws
a. guarantee workers the right to form unions. b. give workers in a unionized firm the right to choose whether to join the union. c. prevent employers from hiring permanent replacements for workers who are on strike. d. prevent workers from being fired because of increases in wages brought about by collective bargaining.