Oligopoly is likely to occur whenever the number of firms is so small that any change in output or price by one firm appreciably impacts the sales of competing firms

Which of the following statements is correct?

a. In the new classical view, the money wage is assumed to adjust quickly to clear the labor market whereas in the Keynesian view, the money wage is sticky in a downward direction. b. In the new classical view, the money wage is sticky in a downward direction whereas the money wage is assumed to adjust quickly to clear the labor market in the Keynesian view. c. In both the new classical and the Keynesian views, the money wage is assumed to adjust quickly to clear the labor market. d. In both the new classical and the Keynesian views, the money wage is sticky in a downward direction.

The CPI measures the average level of prices of all final goods and services produced in the economy

a. True b. False Indicate whether the statement is true or false