The textbook for your class was not produced in a perfectly competitive industry because
A) there are so few firms in the industry that market shares are not small, and firms' decisions have an impact on market price.
B) upper-division microeconomics texts are not all alike.
C) it is not costless to enter or exit the textbook industry.
D) of all of the above reasons.
D
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Suppose the current equilibrium wage rate for lifeguards in Houston is $7.85 an hour. A minimum wage law that creates a price floor of $8.50 an hour leads to
A) a surplus of lifeguards in Houston. B) a shortage of lifeguards in Houston. C) no changes in the lifeguard market. D) a change in the quantity of lifeguards supplied but no change in the quantity of lifeguards demanded. E) an increase in the number of lifeguards employed.
If the velocity of money is constant, then
A) a change in nominal GDP can be caused only by a change in the money supply. B) a change in the money supply can be caused only by a change in the price level. C) a change in the money supply is negatively related to a change in nominal GDP. D) a change in the money supply would result in no change in nominal GDP.