The demand curve for labor is identical to the
a. total labor cost curve
b. marginal resource curve
c. total revenue curve
d. marginal revenue product curve
e. marginal revenue curve
D
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Under the assumptions of the new Keynesian model, an increase in aggregate demand will
A) increase prices and output in the short-run. B) lead to a decrease in unemployment and an increase in prices in the short run. C) lead to an increase in the nominal wage rate in the long run and a decrease in unemployment in the short run. D) All of the above are correct.
Which of the following is not a condition required for the first welfare theorem to hold:
A. No government policy interferes with the formation of prices. B. No market actor has market power. C. Tastes are quasilinear. D. Income is distributed fairly before markets open. E. (a) and (c) F. (b) and (c) G. (c) and (d) H. (b) and (d)