According to new classical model, real wages
a. rise when income rises.
b. falls when income rises.
c. do not move within income.
d. fall if the expected price level is too high and rise if the expected price level is too low.
e. none of the above.
B
Economics
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In the above figure, when the efficient quantity of gloves is produced, the total consumer surplus is
A) $3,000. B) $15,000. C) $22,500. D) $45,000.
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If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then profit maximization is achieved when the monopoly sets price equal to
A) 16. B) 21. C) 25. D) 58.
Economics