The decline in big craft and industrial unions in the 1970s and 1980s has been partially offset by the rapid unionization of ____________.

In the long run, following a combination of a negative demand shock and a temporary negative supply shock,

A) both inflation and output return to the original long-run equilibrium values. B) inflation is permanently increased, while output returns to potential output. C) output returns to potential output, while inflation may be higher or lower than its initial value. D) inflation is permanently reduced, while output returns to potential output. E) None of the above.

Refer to Scenario 14.2. What is the marginal revenue product of the 4th worker?

A) 20 B) 25 C) 30 D) 32.5 E) 35