The above figure illustrates a perfectly competitive firm. Curve A represents the

The dominant school of economic thought until midway through the Great Depression of the 1930s was:

a. classical. b. Keynesian. c. monetarism. d. supply-side. e. rational expectations.

Consider the market for grapes. An increase in the wage paid to grape pickers will cause the

a. demand curve for grapes to shift to the right, resulting in a higher equilibrium price for grapes and a reduction in the quantity consumed. b. demand curve for grapes to shift to the left, resulting in a lower equilibrium price for grapes and an increase in the quantity consumed. c. supply curve for grapes to shift to the left, resulting in a lower equilibrium price for grapes and a decrease in the quantity consumed. d. supply curve for grapes to shift to the left, resulting in a higher equilibrium price for grapes and a decrease in the quantity consumed.