Growth in labor productivity in the economy as a whole has been ________ the growth in labor productivity in health care
A) approximately equal to
B) slightly faster than
C) almost twice as slow as
D) more than twice as fast as
Answer: D
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Suppose the grocery store market in Kansas City is perfectly competitive. Then one store buys all the others and becomes a single-price monopoly. The figure above shows the relevant demand and cost curves
When the market is a monopoly, the price of a pound of steak is A) $4. B) $8. C) $12. D) $20. E) $2.
In the above figure, if initial equilibrium is at point A and if there is an unanticipated increase in aggregate demand from AD1 to AD2, then
A) in the short run real output will remain at Y1. B) in the short run real output will increase above Y1, but in the long run it will return to Y1. C) in the long run real output will increase above Y1. D) real output will increase above Y1 in both the short run and in the long run.