An increase in the demand for labor means that
A) the demand for labor increases as a result of an increase in the real wage rate.
B) the demand for labor increases at any real wage rate.
C) the supply of labor must also be increasing.
D) the demand for labor increases as a result of a decrease in the real wage rate.
B
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Suppose that in the short run firms are making economic profit in a monopolistically competitive industry. Explain what will eventually happen in the long run
In your answer make sure to discuss demand, price and the relationship between price and average total cost.
Refer to Figure 4.1. All else equal, a decrease in the government's budget deficit will cause
A) a shift from S1 to S2. B) a shift from S2 to S1. C) a change in the interest rate from r2 to r1. D) a change in loanable funds from L2 to L1.