Which of the following statements is true? (i) When a competitive firm sells an additional unit of output, its revenue increases by an amount less than the price. (ii) When a monopoly firm sells an additional unit of output, its revenue increases by an amount less than the price. (iii) Average revenue is the same as price for both competitive and monopoly firms

The figure above shows the market for low-skilled labor in Midland city. The government sets a minimum wage at $6 per hour

With the minimum wage law enacted, at the quantity of labor employed, the value to the firm of last worker hired is ________ the wage rate for which that person is willing to work. A) the same as B) $3 per hour less than C) $3 per hour greater than D) $1 per hour greater

The government of a small open economy announces a tax cut of $100 this year, combined with a tax increase of $110 next year, when the interest rate is 10%

What are the effects of this change on the world real interest rate, national saving, investment, and the current account balance in equilibrium when (a) Ricardian equivalence holds? (b) Ricardian equivalence does not hold?