Under a perfectly competitive price system
a. an equitable allocation of the available resources will always result.
b. there is no opportunity for individuals to trade amongst themselves.
c. there is no reason to expect that voluntary trading will result in an equitable allocation of the available resources.
d. None of the above will result.
c
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The RBC approach has workers allocating their labor effort over blocks of time, with periods of intense activity when wages are high alternating with slack periods of vacation and leisure
This makes the labor supply curve rather ________, with unemployment an entirely ________ phenomenon. A) steep, voluntary B) steep, involuntary C) flat, voluntary D) flat, involuntary
In the above figure, if this natural monopolist were unregulated, the profit maximizing firm would sell the product at the price
A) A. B) B. C) C. D) F.
People who lost their jobs as hand-drawn animators because of the popularity of computer-generated 3D animation are examples of persons who are suffering
A) cyclical unemployment.
B) frictional unemployment.
C) seasonal unemployment.
D) structural unemployment.
E) unnatural unemployment.
If a monopolist is maximizing its profits, we know that it has:
A. maximized total revenue. B. maximized marginal revenue. C. minimized total cost. D. equated marginal cost and marginal revenue.