For a firm that wants to remain in business, which of the following costs could be avoided if it halted current production?
a. fixed costs
b. variable costs
c. sunk costs
d. implicit costs
B
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Suppose the labor market is competitive, the supply curve of labor is upward sloping, and the amount of capital is fixed. If the output market changes from a competitive market to a monopoly, what is the effect on its demand for labor? Explain
What will be an ideal response?
The aggregate demand curve reflects:
a. a direct relationship between the price level in an economy and the real GDP demanded b. a direct relationship between real GDP demanded and total unemployment. c. an inverse relationship between the price level in an economy and the nominal GDP demanded. d. an inverse relationship between the price level in an economy and the real GDP demanded. e. an inverse relationship between the real GDP demanded and total unemployment.