The price level rises if either
a. money demand shifts rightward or money supply shifts leftward; this rise in the price level is associated with a rise in the value of money.
b. money demand shifts rightward or money supply shifts leftward; this rise in the price level is associated with a fall in the value of money.
c. money demand shifts leftward or money supply shifts rightward; this rise in the price level is associated with a rise in the value of money.
d. money demand shifts leftward or money supply shifts rightward; this rise in the price level is associated with a fall in the value of money.
d
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In a perfectly competitive resource market the labor supply curve facing the single firm is
A) vertical. B) horizontal. C) downward sloping. D) upward sloping.
If utility is not maximized, then:
a. some change in consumption will increase satisfaction. b. no change in consumption will increase utility. c. only a change in income will increase utility. d. only a change in price will increase utility. e. the principle of diminishing marginal utility does not hold.