The perfect competitor's horizontal demand curve illustrates
A. perfect mobility of resources.
B. the lack of any influence over price.
C. that the firm is a price maker.
D. that economic profits are impossible in the long run.
B. the lack of any influence over price.
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Susie has lost her job in a Vermont textile plant because of import competition. She intends to take a short course in electronics and move to Oregon, where she anticipates that a new job will be available. We can say that Susie is faced with:
A. seasonal unemployment. B. cyclical unemployment. C. structural unemployment. D. frictional unemployment.
Labor productivity increases when
A. capital/labor ratio decreases. B. labor and output increase proportionately. C. output decreases and labor increases. D. capital increases and labor remains constant.
The utility of a good is:
a. different for different consumers. b. the same for all consumers. c. constant no matter how much is consumed. d. related to the cost of producing it. e. easily measured.
The graph that relates hours of labor input to output is called the
a. consumption function. b. conjunction function. c. capital function. d. production function.