If wages for a certain type of labor were higher in one market than in another, then
A) the differential would exist into the long run.
B) labor would move from the high wage market to the low wage market until wages were equal.
C) labor would move from the low wage market to the high wage market until wages were equal.
D) firms would not be acting as profit maximizers.
C
Economics
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A rent ceiling results in a shortage of apartments. As a result, there is
A) only a loss of consumer surplus for tenants. B) only a loss of producer surplus for landlords. C) a loss of both consumer and producer surplus. D) a gain of both consumer and producer surplus.
Economics
If the propensity to hold money is 6 and the money supply is 12, then the classical aggregate demand curve is
a. P = 2Y b. P/Y = 48 c. P = 1/(2Y) d. P = 2/Y
Economics