In the above figure, the competitive wage rate is ________ and the quantity of labor is ________
A) $7.00; 150 hours
B) $8.00; 200 hours
C) $6.00; 100 hours
D) $8.00; 100 hours
A
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In the long run in a monopolistic competitive industry,
a. economic profits will be positive. b. price will be driven to zero. c. the firm will not operate where MR = MC. d. economic profit will be zero. e. price will exceed average cost.
Keynes believed
A. increases in investment expenditures are due to lower interest rates. B. increases in investment expenditures are due to high profit expectations. C. increases in investment expenditures are due to excessive funds in the loanable funds market. D. since supply creates its own demand, increases in investment expenditures creates additional supply and therefore more demand and earnings for the businesses.
Which of the following statements is not correct?
A. If the relative change in price is greater than the relative change in the quantity demanded associated with it, demand is inelastic. B. In the range of prices in which demand is elastic, total revenue will diminish as price decreases. C. Total revenue will not change if price varies within a range where the elasticity coefficient is unity. D. Demand tends to be elastic at high prices and inelastic at low prices.
The WTO
A. was established to resolve trade disputes among member nations. B. is an organization created to oversee NAFTA. C. is an affiliate of the World Bank. D. provides low interest loans to member nations to help develop their export industries.