Your employer has asked you to start working overtime and has offered to pay $18 per hour for every hour you work beyond forty hours a week. The wage rate for each of the first forty hours will continue to be the usual $15 per hour

The assumption of short-run price stickiness implies:

a. that we must adjust nominal quantities for changes in inflation. b. that we must always allow for unexpected inflation. c. that expected inflation is zero and nominal quantities are the same as real. d. a balanced budget.

In the ________, one firm sets its output first, and then a second firm, after observing the first firm's output, makes its output decision

A) Cournot model B) model of monopolistic competition C) Bertrand model D) kinked-demand model E) none of the above