Long-run unemployment in the classical model is considered to be impossible because
A) flexible prices and wages keep workers fully employed.
B) the government will intervene to aid the unemployed.
C) job placement and training programs are rampant in the United States.
D) the labor supply is horizontal.
A
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A firm's markup over its marginal cost is greater:
A. the more elastic is the demand curve. B. the less elastic is the demand curve. C. the lower its fixed costs. D. the lower its average costs.
Refer to the table below. An output level of 25 units, this firm's accounting profit is ________, and its economic profit is ________. QuantityTotal RevenueExplicit CostsImplicit Costs1050365157563620100937251251258301501619
A. zero; $8 B. $125; $113 C. zero; ?$8 D. $125; zero
Both the ________ do not put a great deal of emphasis on the capital account
A) absorption and monetary approaches B) monetary and elasticities approaches C) elasticities and absorption approaches D) None of the above
An unanticipated decline in the demand for legal services will
a. increase both the wages of lawyers and the rate of return they can expect to derive from their legal education. b. lead to a shortage in the market for legal services. c. reduce the wages of lawyers but not the quantity of legal services supplied. d. reduce the wages of lawyers and the rate of return on a legal education..