Why would someone buying a meal deal at a fast food restaurant be part of the product market?
a. Neither party involved is a firm.
b. Neither party involved represents a household.
c. A household is trading a product to another household.
d. A household is buying a product from a firm.
d. A household is buying a product from a firm.
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Other things constant, a reduction in the real interest rate will
a. cause consumers to cut back on their purchases of durable items like automobiles. b. induce businesses to increase their level of investment. c. increase the natural rate of unemployment. d. increase the actual rate of unemployment.
When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the quantity of labor supplied is lower and the quantity of labor demand is higher than at the equilibrium wage
a. True b. False Indicate whether the statement is true or false