In 2001, Pablo earned $200 per week at his job. In 2011, Pablo earned $240 per week. If the CPI in 2001 was 100 and the CPI in 2011 was 152, then
A) Pablo was better off in 2011 because his weekly wage was higher.
B) the 2001 wage measured in 2011 dollars is $157.89.
C) the 2011 wage measured in 2001 dollars is $157.89.
D) the 2001 wage measured in 2011 dollars is $131.58.
E) the 2001 wage measured in 2011 dollars is $100.
C
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Why do most firms in monopolistic competition typically make zero profit in the long run?
A) because the lack of entry barriers would compete away profits B) because the total market is not large enough to accommodate so many firms C) because firms do not produce at their minimum efficient scale D) because firms produce differentiated products
All workers must join the union within 30 days after employment in a
A. union shop. B. closed shop. C. craft union. D. business union.