Labor demand depends on the interest rate because

Costs that a firm remaining in business will still incur even if it halts current production are called

a. fixed costs. b. variable costs. c. implicit costs. d. explicit costs.

If the price of a good increases, all else equal, consumers perceive

a. an increase in purchasing power if the good is an inferior good. b. an increase in income if the price increase occurs for a normal good. c. a decrease in purchasing power. d. a net gain in purchasing power if they decrease consumption of some goods.