When a union raises the wage above the equilibrium level, it
a. reduces both the quantity of labor supplied and the quantity of labor demanded.
b. reduces the quantity of labor supplied and raises the quantity of labor demanded.
c. raises the quantity of labor supplied and reduces the quantity of labor demanded.
d. raises both the quantity of labor supplied and the quantity of labor demanded.
c
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Assume a monopolist charges a price corresponding to the intersection of the marginal cost and marginal revenue curves. If this price is between its average variable cost and average total cost curves, the firm will:
a. earn an economic profit. b. continue to operate in the short run. c. shut down. d. all of these are true.
The quantity of money demanded to satisfy transactions needs
a. is intended for unexpected expenditures b. increases with the level of nominal GDP c. decreases with the level of nominal GDP d. is unrelated to either national income or the interest rate e. varies inversely with the liquidity demand for money.