With respect to the classical labor market analysis, it is not assumed that
a. firms have complete information with respect to relevant prices.
b. workers negotiate for unique wages individually.
c. money wages adjust with a short lag.
d. All of the above
e. None of the above
A
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Each of the following is an example of the price mechanism at work, except when
A. wage and price controls were used during World War II to control inflation. B. consumers curtailed driving their cars when the price of gasoline increased dramatically in 2005. C. American farmers during World War I expanded production on previously unused land in response to higher crop prices. D. factories of gas-guzzling automobiles shut down when the price of gasoline triples in less than three months.
For a monopolist, price
A. is greater than marginal revenue. B. equals marginal revenue at all output levels. C. is less than marginal revenue. D. can be greater than or less than marginal revenue.