In an unregulated, competitive market producer surplus exists because some
A) consumers are willing to pay more than the equilibrium price.
B) producers are willing to take more than the equilibrium price.
C) producers are willing to sell at less than the equilibrium price.
D) consumers are willing to purchase, but only at prices below equilibrium price.
C
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Suppose right now the inflation rate is 3 percent and the unemployment rate is 4 percent, but 10 months from now unemployment has dropped to 1 percent. Based on the Phillips curve, what else can you assume about the economy 10 months from now?
a. Inflation will also be 1 percent. b. Real wages will be 1 percent higher. c. Inflation will still be very near 3 percent. d. Inflation will be greater than 3 percent.
The type(s) of merger(s) that directly increase(s) concentration in an industry is (are)
a. horizontal b. vertical c. conglomerate d. both vertical and horizontal e. both vertical and conglomerate
To derive the labor market demand curve, the labor demand curves for each firm in the output market of interest are summed
Indicate whether the statement is true or false
Janae was fired from her job with Microsoft in the 2008-09 recession because Microsoft's sales dipped. Janae's unemployment would be best classified as
A) natural unemployment. B) cyclical unemployment. C) structural unemployment. D) sales-related unemployment. E) frictional unemployment.