A monopolist firm may be more innovative than a competitive firm

An event that allows the economy to operate more efficiently by producing more outputs without using any more inputs is referred to as

A) technological progress. B) absolute progress. C) efficiency progress. D) capital investment.

If the price level rises but the money wage rate does not, then firms will hire ________ labor and the quantity of real GDP supplied will ________

A) more; increase B) the same amount of; not change C) less; decrease D) more; not change E) less; increase