Keynesians explain the procyclical behavior of average labor productivity by introducing the concept of

Equilibrium in a monopoly occurs when:

a. the monopolist has driven out all competitors. b. the monopoly firm has sold the maximum number of units. c. the monopoly firm produces the quantity that maximizes its profits (or minimizes loss) where MR = MC. d. the monopoly firm has gotten unions to agree to wage concessions.

If a product is a normal good, then its income elasticity of demand is

A) zero. B) positive. C) negative. D) indeterminate. E) greater than 1.