The natural rate of unemployment is calculated by adding together the ______ rates of unemployment.
a. cyclical and frictional
b. cyclical and structural
c. frictional and structural
d. cyclical, frictional, and structural
c. frictional and structural
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List some of the problems that may arise when prices are controlled.
What will be an ideal response?
The short run:
A. means the firm cannot increase or decrease at least one of its inputs. B. means that output cannot be changed. C. means the price of output is fixed. D. All of these are true.
Many cities have summer pops series in which the local orchestra performs light classical music in a public park. These performances are free in some areas. Apply the concept of a public good to pops performances and explain whether an admission charge is efficient
A monopolist is best described as a price
a. taker. b. searcher. c. maker. d. follower.