Periods of unusually low production in an economy result in ________ unemployment.
A. structural
B. cyclical
C. environmental
D. frictional
Answer: B
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What consumer surplus is received by someone whose willingness to pay is $35 below the market price of a good?
A. $35 B. $0 C. ($35 x P*) D. None of these is correct.
If a 10 percent price increase causes the quantity demanded for a good to decrease by 5 percent, demand is elastic
a. True b. False Indicate whether the statement is true or false
Compared to perfect competition, in oligopoly:
a. price is normally lower. b. profits are normally lower. c. both price and profits are normally higher. d. firms act more independently.
A macroeconomist would concentrate on which of the following issues?
A. The price of pizzas B. The profits of the IBM Corporation C. The unemployment rate in Germany D. The market for hotdogs