A major characteristic of monopoly is
A) a single seller of a product.
B) multiple sellers of a product.
C) two sellers of a product.
D) a few sellers of differentiated products.
E) a few sellers of an identical product.
A
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An upward-sloping supply curve of labor implies that
a. any quantity of workers can be hired at the same wage rate b. a higher wage rate is required to attract more laborers c. there is an excess supply of labor in the labor market d. the total labor cost curve is horizontal e. the marginal physical product curve of labor must also be upward sloping
Ceteris paribus, in the long run, a negative supply shock causes
A) the long-run aggregate supply curve to shift to the left. B) the price level to rise initially, and then return to its lower level. C) unemployment to fall below its short-run level. D) equilibrium real GDP to fall.