Gordon notes that along with slow labor productivity growth in the period 1973-1995, real wages also grew slowly
What sort of productivity shocks are consistent with this explanation of the link between real wage growth and the growth of labor productivity? A) productivity shocks which decrease supply of labor given the demand for labor
B) productivity shocks which increase supply of labor given the demand for labor
C) productivity shocks which increase demand for labor given the supply of labor
D) productivity shocks which decrease demand for labor given the supply of labor
D
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Along a linear (straight-line) downward-sloping demand curve, demand is unit elastic at
A) the highest price. B) the lowest price. C) the midpoint. D) all points on the linear demand curve. E) None of the above because linear demand curves are never unit elastic.
The above figure shows supply and demand curves for apartment units in a large city. The area "e" represents
A) the loss in producer surplus if a rent ceiling of $350 is imposed. B) the total variable cost of supplying Q1 units. C) the marginal cost of supplying Q1 units. D) the total revenue received by supplying Q1 units.