If quantity demanded is greater at each price, we say that there has been
A. an increase in supply.
B. an increase in demand.
C. a decrease in supply.
D. a decrease in demand.
B. an increase in demand.
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Which of the following statements is false?
A) An increase in wage rates causes producers to move up along the SRAS curve. B) An increase in the price level causes producers to move up along the SRAS curve. C) The short-run aggregate supply (SRAS) curve is upward sloping. D) The long-run aggregate supply (LRAS) curve is vertical.
A firm hiring labor in a perfectly competitive labor market faces a:
A. downsloping labor supply curve and upsloping labor demand curve. B. upsloping labor supply curve and downsloping labor demand curve. C. upsloping labor supply curve and horizontal labor demand curve. D. horizontal competitive wage curve and downsloping labor demand curve.