Monetarists assume that suppliers of labor
a. always have perfect information about the real wage.
b. base their decisions on the expected real wage.
c. may or may not know the real wage.
d. could not possibly have perfect information.
B
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In the context of the environment, the type of transactions costs that includes covering all the costs associated with the bargaining process, such as fees for attorneys, negotiators, and accountants, are called
A) search costs. B) collectivization costs. C) negotiation costs. D) monitoring and enforcement costs.
If a 15% change in price results in a 20% change in quantity supplied, then the price elasticity of supply is about
a. 1.33, and supply is elastic. b. 1.33, and supply is inelastic. c. 0.75, and supply is elastic. d. 0.75, and supply is inelastic.