Compared to perfect competition, a monopoly will produce ________ output, and charge a ________ price

It is estimated that, on the average and without taking account of skill differentials, union wages are

A) equal to nonunion wages. B) less than nonunion wages. C) 66 percent higher than nonunion wages. D) 100 percent higher than nonunion wages. E) 30 percent higher than nonunion wages.

A graph measures y on the vertical axis and x on the horizontal. The curve on the graph is a horizontal line. From this fact we know that

A) the value of x never changes. B) the value of y does not depend on the value of x. C) the ratio of x to y is constant. D) the slope of the line is not defined because y never changes.