Wages are said to be sticky downwards because this promotes good work effort and ensures that workers and firms share the same goals of efficient production and profit maximization.
a. True
b. False
Indicate whether the statement is true or false
Question 2
If an increase in prices decreases total revenue in the short run, what will it do to total revenue in the long run?
a. It will decrease total revenue in the long run.
b. It will increase total revenue in the long run.
c. It will leave total revenue unchanged in the long run.
d. Any of the above results are possible in the long run.
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