If the price of output decreases, the equilibrium wage of workers who produce that output will ________ and ________ workers will be hired.
A. increase; more
B. increase; fewer
C. decrease; more
D. decrease; fewer
Answer: D
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With regional specialization, a nation is bound to suffer some mismatch unemployment. For example, in the early 1990s the highest regional unemployment rate was in
A) California. B) the South. C) the Midwest. D) none of the above because the unemployment rate as essentially equal in all regions.
Due to various circumstances, several large firms have most of the sales in an industry. Which term describes this situation?
a. A natural monopoly b. A legal monopoly c. An oligopoly d. A cartel
Which of the following is an example of an externality?
A. Pollution. B. Inflation. C. Government failure. D. Laissez faire.
Advertisement in which firms aim messages to as many customers as possible via media is known as
A. direct marketing. B. mass marketing. C. indirect marketing. D. interactive marketing.