Exhibit 11-10 Labor and wage rate data
Labor
Wage
  6
$12
  7
  13
  8
  14
  9
  15
10
  16
In Exhibit 11-10, the total wage cost of hiring 7 employees is:

Describe how economic losses are eliminated in a perfectly competitive industry

What will be an ideal response?

Keynesians tend to believe that

A. laissez-faire policies stabilize market economies. B. recessions are temporary. C. expansionary government spending and tax cuts are cures for recessions and depressions. D. in the short run, aggregate supply should be manipulated to stabilize the economy.