In the short run in the Keynesian model, a sharp increase in oil prices would leave the economy with a ________ level of output and a ________ real interest rate

The midpoint formula is used to measure the elasticity of demand between two points on a demand curve

A) when demand is elastic. B) to ensure that the elasticity has a negative value. C) to ensure that we have only one value of the price elasticity of demand between two points on a demand curve. D) in special cases when the percentage change in the quantity demanded is equal to the percentage change in price.

According to the above table, if the wage rate is $400 a week and the price of the good produced is $5, the perfectly competitive firm should hire

A) 3 workers. B) 4 workers. C) 5 workers. D) 6 workers.