Refer to the figure above. After the market changes from perfectly competitive to a monopoly:
A) the social surplus decreases.
B) the market price decreases.
C) the deadweight loss decreases.
D) the consumer surplus increases.
A
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Which of the following is an example of frictional unemployment?
A. Dora lost her job when the textile factory closed. She does not have skills to work in another industry and has been unemployed for over a year. B. Hector looked for a job for five weeks after finishing college. He turned down several jobs that didn't fit his skills, but now has a job that requires the expertise he gained in college. C. George is an unskilled worker who mows lawns in the summer, but is unemployed the rest of the year. D. Marsha was laid off from her job with the airline because the recession has reduced the demand for airline travel. She expects to get her job back when the economy picks up.
A profit center
a. Is very complicated to run and manage b. Doesn't require a lot of attention from executives at the firm's headquarters c. Requires the parent company's highest degree of attention d. Does not properly incentivize the managers when it comes to their own division's performance
If the actual price level is lower than the expected price level, the economy will contract in the short run
a. True b. False Indicate whether the statement is true or false
If a farmer's opportunity cost of producing 50,000 bushels of wheat is 20,000 fewer bushels of soybeans, then her opportunity cost of producing 50,000 bushels of soybeans must also be 20,000 fewer bushels of wheat
a. True b. False Indicate whether the statement is true or false