The term price takers refers to buyers and sellers in
a. perfectly competitive markets.
b. monopolistic markets.
c. markets that are regulated by the government.
d. markets in which buyers cannot buy all they want and/or sellers cannot sell all they want.
a
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Structural unemployment includes people who become unemployed from
A) changes in the business cycle. B) technological changes. C) going back to school. D) changes in the seasons. E) normal changes in the labor force.
A firm that generates zero economic profit usually faces
A) negative business profit. B) zero business profit. C) positive business profit. D) business profit equal to half the total revenue.
College graduates earn much more than grade school dropouts mainly because
A. the college graduate is older. B. the college graduate has learned more. C. the college graduate is probably smarter, richer, more motivated, has better connections, and comes from a more supportive learning environment. D. the college graduate is more likely to have grown up in a large city, and to be more cosmopolitan.
Cap Hit
What will be an ideal response?