Real-wage unemployment is:
A. unemployment caused by workers who are changing their location, job, or career.
B. also called cyclical unemployment.
C. the effect of wages remaining persistently above the market-clearing level.
D. a mismatch between the skills workers can offer and the skills that are in demand.
Answer: C
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In the short run, a perfectly competitive firm can make a profit, a loss, or go out of business
a. True b. False Indicate whether the statement is true or false
An equilibrium is an outcome in which
a. all individuals are simultaneously optimizing. b. constraints are no longer binding. c. social gain is as large as possible. d. the wants of all agents are fully satisfied.
Refer to the below graph of the supply and demand for agricultural products. If point 1 reflects the supply and demand for agricultural products in the U.S. in the 1950s, then which point would best characterize long-run change in the equilibrium for agricultural products since that time?
A. 2
B. 4
C. 7
D. 8
A seller's willingness to sell:
A. is the maximum price that a seller is willing to accept in exchange for a good or service. B. is his or her reserved minimum bid-price. C. is the minimum price that a seller is willing to accept in exchange for a good or service. D. must always equal the buyer's willingness to buy.