(Figure: Determining Labor and Wages) A firm with monopoly power hires _____ workers and pays them _____ wage.
Definitions:
Potential Output
The highest level of real GDP that can be sustained over the long term without increasing inflation.
Price Level
The average of all current prices for goods and services in an economy, reflecting the cost of living.
Real GDP
Gross Domestic Product corrected for the effects of inflation, offering a better measure of the true scale and expansion of an economy.
Aggregate Demand
The total demand for all goods and services in an economy at different price levels, including consumption, investment, government spending, and net exports.
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