Karen Chow was laid off her assembly line job last month and expects to be called back to work within six weeks. She is __________ unemployed.
A. frictionally
B. structurally
C. cyclically
D. seasonally
C. cyclically
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The figure above shows a perfectly competitive firm. If the market price is $20 per unit, then the firm produces ________ units and makes an economic profit that is ________
A) more than 30; more than $100 B) 30; more than $100 C) 20; less than $400 D) 0; zero E) 30; zero
When the isocost line is tangent to the isoquant, then
A) MRTS = -w/r. B) the firm is producing that level of output at minimum cost. C) the last dollar spent on capital yields as much extra output as the last dollar spent on labor. D) All of the above.
The worst financial crisis in history was the:
A. Great Recession. B. South Seas bubble. C. housing bubble of 2007. D. Great Crash of 1929.
What is the incentive for a firm to join a cartel?
A) to be able to earn profits in the long run but not in the short run B) to be able to earn larger profits than if it was not part of the cartel C) to completely insulate itself from competition D) to produce a larger amount of output than if it was not part of the cartel