The reasons behind this decline in employment could be all of the following except
What will be an ideal response?
this is the normal underlying level of unemployment in the economy.
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Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $3, what changes in the market would result in an economically efficient output?
A) The quantity supplied would decrease, the quantity demanded would increase, and the equilibrium price would decrease. B) The price would decrease, quantity demanded would increase, and quantity supplied would decrease. C) The price would decrease, the quantity supplied would increase, and the quantity demanded would decrease. D) The price would decrease, the demand would increase, and the supply would decrease.
A market is a natural monopoly when:
A. a good is produced most economically by several firms. B. a good is produced most economically by one firm. C. the government grants a firm a patent on a good. D. the firm's average cost function is everywhere upward sloping.
Shoeleather costs and menu costs are both costs of anticipated inflation
a. True b. False Indicate whether the statement is true or false
A landlord named Jack chooses not to rent to a family because their income is below $30,000 per year. Considering this, Jack most likely ______.
a. will raise the rent to attract high income families. b. dislikes renting to large families c. has a well-maintained apartment building d. owns rent-controlled apartments