Refer to Scenario 17.2. An employer who only wants to hire those people who find learning less costly can do so by choosing y* to be anywhere between

Which of the following features is characteristic of monopolistic competition?

a. many large producers b. homogeneous products c. differentiated products d. No individual producer has any influence on the market price.

Which of the following is most likely to lead to an increase of 1% in the nominal demand for money?

A) An increase in real income of 0.5% B) A decrease in real income of 0.5% C) A decline of 1% in the price level D) An increase of 1% in the price level