If there are no barriers to entry into an industry
A) short-run economic profits must be zero.
B) long-run economic profits must be zero.
C) both short-run and long-run economic profits must be zero.
D) short-run and long-run profits must still be positive.
B
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Cyclical unemployment
A) decreases during a recession. B) is higher during an expansion. C) is always a constant amount of unemployment. D) fluctuates over the business cycle. E) fluctuates but not in response to the business cycle. Consider the following people: ? Chris quits his job as an automobile mechanic to pursue his college education full-time. ? Darrelo was laid off from her technical support job because of a strike by production workers and is currently looking for a new job. ? Rita graduated from college and is currently looking for a job. ? Armondo quit his old job and will begin his new job in four days. ? Thorton was fired from his job as a steel worker because of massive imports of steel and he is looking for a new job. ? Jung was laid off from his job as an appraiser because the firm's business declined because of a general downturn in the economy and he is currently looking for a new job as an appraiser.
Due to a "baby bust" in the 1960s and 1970s, fewer people entered the labor market in the 1980s and 1990s
This demographic event ________ the natural unemployment rate thereby shifting the short-run Phillips curve ________ and shifting the long-run Phillips curve ________. A) increased; leftward; rightward B) decreased; rightward; rightward C) decreased; leftward; leftward D) increased; rightward; rightward E) increased; rightward; leftward
Buffalo Wild Wings CEO Sally Smith decided to spend more than $200 million on restaurant renovations in an attempt to attract more lunch customers and more families
Like CEOs of other monopolistically competitive firms, Smith knew that without innovating A) her firm would become perfectly competitive. B) her firm had no chance of remaining in business. C) her firm would eventually earn an accounting profit of zero. D) her firm's profits would eventually be competed away by other firms.
A barter economy is an economy where
A) goods and services are exchanged for money. B) goods and services are exchanged for liabilities. C) money is exchanged for goods and services. D) goods and services are exchanged for other goods and services.