An increase in technology will shift the good's supply curve rightward
Indicate whether the statement is true or false
TRUE
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A monopolistically competitive industry is like a perfectly competitive industry in the sense that: a. non-price competition is significant in both industries
b. there are no substantial barriers to entry in both cases. c. economic profits in long run equilibrium are zero in both cases. d. both (b) and (c) are true.
The decline in the average number of hours worked over the last century from 60 hours to 40 hours can be explained as a consequence of
a. an increase in nonlabor income shifting labor supply to the left. b. an increase in nonlabor income shifting labor supply to the right. c. a decrease in the demand for labor. d. an improved understanding of the importance of sleep to labor productivity.
Structural unemployment is a result of
a. difficulties in matching qualified workers with available jobs. b. inaccurate or costly information about job opportunities. c. slow or negative economic growth, as during a recession. d. not enough workers to fill available jobs.
Combining various goods and services into a convenient grouping is called
A. conglomeration. B. blending. C. congregation. D. agglomeration. E. aggregation.