Which of the following statements applies to the classical system?
a. There is money wage inflexibility since full employment already existed
b. A perfectly flexible money wage is not always a requirement for full employment
c. Full employment was easily explained with downward money wage rigidity
d. An imperfect market structure is requirement for full employment
e. none of the above
E
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If a Cournot duopolist announced that it will double its output, the other firm does not view the announcement as credible because
A) the announcing firm's profits will fall if it carries out the threat. B) the other firm's profits will fall if the announcing firm carries out the threat. C) the other firm's profits will rise if the announcing firm carries out the threat. D) the other firm will double output also.
Which statement is true?
A. Most jobs in the U.S. are exportable. B. Once a firm and a union enter collective bargaining sessions, a collective bargaining agreement will be reached every time. C. The ultimate weapon of management in collective bargaining is the ability to take a strike. D. The collective bargaining agreement is confined to wages and hours.