The relationship between sales and revenue is
A) a direct relationship. B) independent.
C) a negative relationship. D) an inverse relationship.
A
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Which of the following is an example of a variable cost to a typical firm?
a. labor b. mortgage payment on facility c. salary of the office assistant d. monthly mortgage premiums
Answer the following statements true (T) or false (F)
1. The short run in macroeconomics is a period in which nominal wages remain fixed even as the general price level changes. 2. In the short run, output increases with the price level, but not in the long run. 3. The long run aggregate supply curve is upward-sloping because real wages eventually change by the same amount as changes in the price level. 4. In the long run, the economy will always move towards full employment. 5. In the short run, demand-pull inflation will drive up the price level and increase real output; but in the long run, only the price level will rise.