An increase in the price of labor used to produce good Y will lead to
A) an increase in the market clearing price of good Y.
B) an increase in the supply of good Y.
C) a decrease in the demand for good Y.
D) an increase in the demand for good Y.
A
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A market is classified as an oligopoly when
A) a few firms compete. B) many firms produce a slightly differentiated product. C) no matter how many firms are in the market, a barrier blocks entry by other new firms. D) many firms produce the same product. E) only one firm sells a product with no close substitutes.
In 2008, when the net worth of Trust Bank became negative, depositors made a beeline to withdraw their deposits. They feared they might lose all of their deposits if they did not withdraw them. Such a situation is known as: a. a liquidity trap. b. a bank run
c. hyperinflation. d. disinflation.