Refer to the following graph. The price of labor is $3 per unit:How many units of labor should a firm use in order to produce 100 units of output at the least cost?

Refer to Figure 4-3. What area represents consumer surplus at the equilibrium price of P1?

A) A + B + C + D + E B) A + B + C C) D + E D) A

Empirical evidence shows that the short-run Phillips curve was vertical during the 1950s and 1960s

Indicate whether the statement is true or false