Under imperfect competition, a firm's:
a. demand curve lies below its marginal revenue curve.
b. demand curve lies above its marginal revenue curve.
c. demand curve coincides with its marginal revenue curve.
d. demand curve coincides with its marginal cost curve.
e. demand curve coincides with its average cost curve.
b
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An argument in support of hysteresis is
A) companies may be reluctant to hire workers until AD increases. B) prices are sticky in the short run. C) the skills of unemployed workers may deteriorate making it more difficult to find a job. D) overlapping wage contracts.
The term "transportation revolution" implies:
a. binding the East and West politically. b. binding the East and West economically. c. rapidly introduced technological innovations. d. All of the above are implied.