As long as wage increases do not exceed labor productivity growth rates, a stable price level should be the result

For a household, the opportunity cost of not working is the

A) price level. B) nominal wage rate. C) demand for labor. D) cost of living. E) real wage rate.

A competitive market maximizes social welfare because in a competitive market,

A) profits are zero. B) price equals marginal cost of the last unit produced. C) price equals average cost of the last unit produced. D) there is free entry and exit.