Continuing with the same family from the preceding question, what is the greatest (integer) number of vacation days the family would be willing to give up in order to guarantee a healthy vacation?
a. 1
b. 2
c. 3
d. 4
c
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If a firm experiences positive technological change, it is able to produce more output using the same inputs
Indicate whether the statement is true or false
As a firm in a monopolistically competitive market successfully differentiates its products and earns a positive economic profit, it is soon imitated by its rivals and profit of the firm falls to zero
a. True b. False Indicate whether the statement is true or false
In competitive markets, which of the following is not correct?
a. Firms produce identical products. b. No individual buyer can influence the market price. c. Some sellers can set prices. d. Buyers are price takers.
Which of the following statements is true?
A. The duration of unemployment increases during economic expansions. B. The median duration of unemployment is usually greater than the average duration. C. The unemployment rate does not tell us anything about the duration of unemployment. D. The duration of unemployment decreases during recessions.