If prices rise by 4% in a year and nominal wages increase by only 2%, then real wages will
A. increase by 2%.
B. decrease by 4%.
C. decrease by 2%.
D. decrease by 6%.
Answer: C
Economics
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Each point on the demand curve indicates
a. the demand for the product. b. the quantity demanded at that price. c. the amount that people need. d. the amount people want to buy at different income levels.
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For which market structure do economists have the least precise model of price determination?
A. oligopoly B. perfect competition in the short run C. perfect competition in the long run D. monopoly
Economics