The fundamental rule of profit maximization is for the firm to produce where
a. MR = MC
b. ATC is minimized
c. quantity of output is maximized
d. it is most efficient
e. total revenue is maximized
A
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Arthur is an unskilled worker who is currently unemployed. He has been offered a job that pays $40 a day, but he is currently receiving unemployment insurance benefits equal to $50 a day, so he chooses not to accept the job and to continue looking for a better job. Arthur is ________ unemployed.
A. cyclically B. structurally C. not D. frictionally
Auto workers laid off from Hot-Rod Autoworks as the result of a recession are considered
A) seasonally unemployed. B) frictionally unemployed. C) structurally unemployed. D) cyclically unemployed.
Four roommates have moved into an apartment. However, none of them cleans the apartment thinking that the others will do it. This is an example of ________
A) the free-rider problem B) the paradox of thrift C) the paradox of plenty D) the tragedy of commons
A firm owned by two or more persons who each bear the responsibilities and unlimited liabilities of the firm is a(n)
a. corporation b. sole proprietorship c. organization that is disallowed under current IRS rules d. partnership e. multinational