In a perfectly competitive industry, if TR exceeds TC, then in the long run
a. firms will exit the industry.
b. new firms will enter the industry.
c. there will be no change in the number of firms.
d. the market supply will shift to the left.
b. new firms will enter the industry.
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The natural rate of unemployment is the estimated rate of unemployment that would prevail when ________ unemployment is zero
A) structural B) cyclical C) seasonal D) frictional
An author who writes newspaper columns for $75 each is deciding whether to purchase a personal computer with a laser printer. She figures she'd be able to write two more columns per month than she could on her typewriter. She should
a. buy the computer if the monthly payment is less than $300 b. buy the computer regardless of its price c. not buy the computer if the monthly payment is greater than $75 d. not buy the computer regardless of the price e. buy the computer if the monthly payment is less than $150
Commitments to make or receive payments in the future are made easier by money's function as a _____
a. unit of account b. store of value c. medium of exchange d. form of barter e. commodity
The underemployed are defined as people who have:
a. full-time jobs and who are looking for other full-time permanent employment that pays at a higher rate. b. only part-time or temporary jobs and who are looking for full-time, permanent employment. c. stopped looking for employment even though they may be capable of holding a part-time job. d. multiple full-time jobs and/or part-time jobs but are still counted as employed.