The only way the standard of living of the average person in a country can increase is if ________ increases faster than ________

Is the monopolist supply decision more complicated than that of competitive supply?

a. Yes, because the monopolist can choose its price, and the perfect competitor cannot. b. No, because they are both price takers. c. No, because the market determines the quantity for the monopolist. d. No, because the market determines the price for both firms.

Holding other factors constant, if oil prices rise relative to the prices of other products, then the real wages of oil workers will ________ and employment of oil workers will ________.

A. increase; increase B. decrease; not change C. increase; decrease D. decrease; increase