Cyclical unemployment is
A. a result of a poor match of worker's abilities and skills with current requirements of employers.
B. a result of the seasonal pattern of work in specific industries.
C. related to job search difficulties for potential workers.
D. a result of business recessions that occur when aggregate demand is insufficient to create full employment.
Answer: D
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Third-degree price discrimination involves
A) charging each consumer the same two part tariff. B) charging lower prices the greater the quantity purchased. C) the use of increasing block rate pricing. D) charging different prices to different groups based upon differences in elasticity of demand.
In the short run, the lowest price that a perfectly competitive firm will accept without closing its doors is found by examining the average variable cost curve.
Answer the following statement true (T) or false (F)
Normal profit is a term for:
a. explicit profit. b. the minimum profit to keep a firm in operation. c. the accounting profit forgone. d. pure economic profit.
Other things equal, patents:
A. decrease the expected rate of return on an R&D expenditure. B. increase the expected rate of return on an R&D expenditure. C. increase the interest-rate cost of funds used to finance an R&D expenditure. D. decrease the interest-rate cost of funds used to finance an R&D expenditure.