The type of unemployment caused by changes in the business cycle is
a. cyclical unemployment.
b. natural unemployment.
c. frictional unemployment.
d. structural unemployment.
A
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Describe how adjustments in wages and prices take the economy from the short-run equilibrium to the long-run equilibrium
What will be an ideal response?
Suppose market demand is p = 10 - Q. Firms incur no cost of production. If firm A is the incumbent, can it deter the entry of its rival, firm B?
What will be an ideal response?
A decrease in the U.S. price level, other things constant, will _____
Fill in the blank(s) with the appropriate word(s).
Suppose that there are two industries, A and B. There are five firms in industry A with sales at $5 million, $2 million, $1 million, $1 million, and $1 million, respectively. There are four firms in industry B with equal sales of $2.5 million for each firm. The four-firm concentration ratio for industry A is:
A. 1.0. B. 0.7. C. 0.8. D. 0.9.