When the economy is at its potential output level, which of the following is true?
a. The price level is higher than that expected by workers.
b. The nominal wage is equal to the real wage
c. The unemployment rate is about 14 percent.
d. The economy is producing its maximum sustainable output.
e. The actual price level is less than the expected price level.
d
Economics
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If marginal benefit is greater than marginal cost, output is inefficiently high
Indicate whether the statement is true or false
Economics
The price elasticity of demand is
A) always negative. B) sometimes positive. C) always positive. D) positive or negative, depending on supply.
Economics