In order to be successful in a market economy, entrepreneurs must
What will be an ideal response?
combine resources in a manner that increases their value.
Economics
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Unemployment that is the result of recessions is called
A) frictional unemployment. B) cyclical unemployment. C) downtime unemployment. D) structural unemployment.
Economics
The market mix of output and the optimal mix of output are always the same.
Answer the following statement true (T) or false (F)
Economics
The process of entry and exit into a monopolistically competitive market continues until:
A. price is equal to average total cost. B. long-run equilibrium is reached. C. profits are zero. D. All of these statements are true.
Economics
What causes the long-run aggregate supply curve to shift right?
A. scarcity B. economic growth C. inflation D. unemployment
Economics