An ideal cost-of-living index measures:
A) The relative cost of maintaining a particular utility level.
B) The relative changes in consumer satisfaction that arise from price increases.
C) The relative price of those goods that are considered to be necessities in consumption.
D) none of the above
A
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Refer to the market diagram. Relative to the surplus they would receive in a competitive market, consumers lose how much surplus because there is a monopoly?
The following questions refer to the accompanying market diagram. PC and QC are the equilibrium price and quantity if the firm behaves competitively, and PM and QM are the equilibrium price and quantity if the firm is a simple monopoly.
a. Area F + G + H
b. Area C + D + E
c. Area E + H
d. Area A + B
When a firm is experiencing economies of scale, the minimum point of the firm's short-run average total cost curve shifts down as it expands its scale of production
Indicate whether the statement is true or false
If the supply of labor increases while demand for labor is unchanged,
A) the real wage and labor productivity will increase. B) the real wage will decrease and labor productivity will increase. C) the real wage will increase and labor productivity will decrease. D) the real wage and labor productivity will decrease.
The unemployment rate will decrease when
A. the average workweek falls from 40 to 39 hours. B. the duration of unemployment increases. C. people get discouraged and quit looking for work. D. the age of the labor force increases.