An increase in frictional unemployment will
A) shift the long-run Phillips curve to the right.
B) shift the short-run Phillips curve to the right.
C) increase the natural rate of unemployment.
D) All of the above are correct.
E) None of the above is correct.
D
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The advent of Netflix movie streaming and Redbox kiosks renting DVD and Blu-ray movies have virtually demolished the market for video rentals from brick and mortar stores such as Blockbuster. This is an example of
a. creative destruction.
b. derived demand.
c. capital accumulation.
d. the difference between normal and economic profits.
McDonalds kept its U.S.-based menu when entering the Chinese market
Indicate whether the statement is true or false
The full-employment rate of output can
A) be surpassed in the long run only if input prices are flexible. B) not be surpassed in either the short run or the long run. C) be surpassed only when firms are not yet producing at full capacity. D) be surpassed only in the short run.
At long-run equilibrium of a perfectly competitive firm the following condition holds good: Long Run Average-Total-Cost = Long Run Marginal Cost = Average Revenue = Marginal Revenue = Price
a. True b. False Indicate whether the statement is true or false