Which of the following are equivalent terms?
a. The absence of structural unemployment and the absence of cyclical unemployment
b. Normal employment and the absence of structural unemployment
c. Full employment and the absence of cyclical unemployment
d. Normal employment and the absence of frictional unemployment
e. Null employment and the absence of frictional unemployment.
C
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If demand is inelastic and the price falls, the total revenue
A) rises. B) falls. C) remains constant. D) might rise, fall, or remain constant. E) becomes negative.
Which of the following are examples of explicit costs a firm might incur?
A) rent paid to the landlord B) wages earned by delivery drivers C) taxes owed to the IRS D) All of the above are examples of explicit costs.
A production quota program:
A. places limitations on the quantity that individual consumers can purchase. B. is a way to raise prices without causing the overproduction that occurs under a price support program. C. is like a subsidy in that it reduces the price that buyers pay for a good. D. places minimums on the quantity that individual firms must produce.
The price elasticity of demand for senior citizens purchasing coffee from McDonald's is ?5, while non-senior citizens have a price elasticity of demand equal to ?1.25. If it costs McDonald's $0.02 to produce a coffee, the optimal price for a cup of coffee for non-senior citizens and the resultant marginal cost under third-degree price discrimination are:
A. $0.10 and $0.02. B. $0.004 and $0.02. C. $10 and $0.20. D. $0.02 and $0.80.