If a perfectly competitive firm doubles its output,
a. price will fall, obeying the law of demand
b. it will have no effect on price
c. the market supply curve shifts to the left
d. its profit will double
e. it prevents other firms from entering the market
B
Economics
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If real GDP is $6,460 billion, the population is 184.6 million people, and aggregate hours is 170 billion hours, labor productivity is
A) $2.63 an hour. B) $2.86 an hour. C) $35,000. D) $38.00 an hour. E) 920 hours.
Economics
All other things unchanged, the velocity of money will
A) increase if the quantity of money demanded decreases. B) increase if the quantity of money demanded increases. C) decrease if the quantity of money demanded decreases. D) fall to zero if the quantity of money demanded increases.
Economics