Refer to the above figure. The long-run average cost curve and the long-run marginal cost curves represent
A) the cost curves for a competitive firm.
B) the cost curves for a natural monopoly.
C) a situation where a firm has control over the raw materials.
D) a situation where a firm has a patent.
B
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The marginal utility gained from the consumption of successive units of a typical good:
A. tends to decrease. B. tends to increase. C. may increase or decrease depending on the cost of the good. D. tends to stay the same.
Which year marked a major turning point in the history of the U.S. balance of trade?
a. 1960 b. 1965 c. 1995 d. 1975 e. 2000
After some tornadoes in Alabama, unemployment is low as there is a great deal of construction work and businesses run at full capacity. This suggests that
A. the economy is operating below its long-run level and living standards are less than they would have been without the hurricane. B. living standards are falling as employment and economic activity are too high. C. the economy is operating above the full-employment level and will eventually adjust back to long-run aggregate supply. D. the hurricane is beneficial since it is increasing employment and replacing less efficient capital with newer and more efficient capital.
Of the following reasons for unemployment, which will increase most because of a recession?
A. New job market entrants. B. Workers that have reentered into the job market. C. Workers that have lost their jobs. D. Workers that have left their jobs.