A very large number of small sellers who sell identical products imply
A) the inability of one seller to influence price.
B) a multitude of vastly different selling prices.
C) a downward sloping demand curve for each seller's product.
D) chaos in the market.
A
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In the classical model, an increase in the unemployment rate
A) will result in an increase in the price level if the reduction in output is caused by a change in aggregate demand. B) will likely be temporary. C) is a signal of demand-pull inflation. D) will persist when the reduction in output is caused by a reduction in aggregate demand.
The most important thing about higher labor productivity is that it means
A) we can compete well with other nations. B) we are doing better than anyone else is. C) we can achieve a happier population. D) we can have a higher standard of living.