Harry owns a barber shop and charges $6 per haircut. By hiring one barber at $10 per hour, the shop can provide 24 haircuts per 8-hour day. By hiring a second barber at the same wage rate, the shop can now provide a total of 42 haircuts per day. The MP of the second barber is

If the fringe supply curve shifts leftward in the dominant firm model, then the resulting market equilibrium price is ________ and the dominant firm's quantity ________

A) lower, decreases B) lower, increases C) higher, decreases D) higher, increases

The clearest sign of inflation would be a(n)

a. increase in the price level. b. increase in the quantity of total final output. c. decrease in the quantity of total final output. d. simultaneous increase in both output and prices.