Individuals who suffer from unemployment spells lasting more than six months are ________
A) chronically unemployed
B) frictionally unemployed
C) discouraged workers
D) no longer counted as part of the labor force
A
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The saying "what's that got to do with the price of tea?" reflects
A) two markets where general equilibrium analysis would be most useful. B) two markets where general equilibrium analysis likely won't be very useful. C) two markets where the products are clearly closely related. D) two markets where firms are incredibly greedy.
The aim of antitrust policy is to:
a. provide adequate incentives for inventors and entrepreneurs. b. prevent firms from acquiring or exercising undue market power. c. protect established firms by deterring new entry into industries. d. regulate the prices charged by perfectly competitive firms.
As the price of DVD players has fallen over the last two years, more DVD players have been sold by consumer electronics firms. Is this a violation of the law of supply?
Figure 9.4 represents the market for used 12 megapixel digital cameras. Suppose buyers are willing to pay $400 for a plum (high-quality) used digital camera and $200 for a lemon (low-quality) used digital camera. At any price between $X and $Z:
A. only plums will be supplied. B. only lemons will be supplied. C. both plums and lemons will be supplied. D. neither plums nor lemons will be supplied.