Long-term increases in productivity that have increased the demand for labor, and raised real wages, have resulted primarily from ________ and ________.
A. a modernized capital stock; an increased labor supply
B. a modernized capital stock; skill-biased technological change
C. technological progress; a modernized capital stock
D. technological progress; an increased labor supply
Answer: C
Economics
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The profit-maximizing price of the monopolist compared to the perfectly competitive industry in the above figure are, respectively
A) P1 and P3. B) P1 and P5. C) P1 and P2. D) P2 and P5.
Economics
A country or region has a comparative advantage when it can produce a good or service ______.
a. at a lower opportunity cost than others b. at a faster pace than others c. using fewer resources than others d. that is of higher quality than others
Economics