Price ceilings are illegal in the United States
Indicate whether the statement is true or false
FALSE
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In the long run, monopolistically competitive firms produce where
A) excess capacity exists. B) the markup is equal to zero. C) the demand curve has shifted so that it intersects the minimum average total cost point. D) average total cost is minimized.
During the industrial revolution, the United States saw increases in the demand for labor and increases in the supply of labor. The increase in real wages rose during this period is consistent with which of the following statements?
A. The rightward shift in the labor demand curve was greater than the rightward shift of the labor supply curve. B. The rightward shift in the labor supply curve was greater than the rightward shift of the labor demand curve. C. The rightward shift in the labor demand curve was greater than the leftward shift of the labor supply curve. D. The leftward shift in the labor supply curve was greater than the rightward shift of the labor demand curve.