Price will be higher and output will be lower under monopoly than under perfect competition with the same demand and cost conditions

Aid sent to a foreign country is an example of ________

A) transfer payment to the foreign country B) export by the home country C) import by the home country D) factor payment to the foreign country

Which of the following assumptions is found in Friedman's model but not in the new classical model?

A) Supply of labor depends on expected real wage. B) Workers gradually adapt their expectations of the price level to the actual price level. C) imperfect information D) market-clearing labor market