If a competitive firm faces a competitive labor market, it will hire labor until

The reason why the Industrial Revolution originated in Britain can be partly attributed to its:

A) command economy. B) well-developed market system. C) opposition to creative destruction. D) extractive institutions.

If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy?

A) a decrease in oil prices B) a decrease in government purchases C) a decrease in taxes D) an increase in the money supply and a decrease in interest rates