Disguised unemployment refers to workers whose
a. marginal product exceeds the wage
b. marginal product exceeds the average product
c. marginal product is less than the wage
d. marginal product is less than that of co-workers
e. none of the above
C
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What would be the opportunity cost of a child using a coupon for a free ice cream cone?
A. The dollar cost of the cone he or she selected B. The other types of ice cream he or she could have selected C. Zero, because the good was not a durable good D. Zero, because the good was free
Why does the price level in a perfectly competitive market move toward the zero-profit point?
a. Because firms enter and exit the market in response to gains and losses b. Because short-run losses reverse the effects of long-run gains c. Because profitable firms increase short-run productivity d. Because firms operate below the average cost curve
A business cycle is the...
What will be an ideal response?
Refer to the information provided in Figure 9.7 below to answer the question(s) that follow. 
Figure 9.7 Refer to Figure 9.7. Industry demand is initially D1 and industry supply is initially S1 in this increasing cost industry. If demand increases to D2, then in the long run the industry will
A. stay at Point B. B. move to Point E. C. move to Point F. D. move to Point C.