A man is fired from his job because he was late for work too many times. While he is searching for another job he would be classified as
A. structurally unemployed.
B. frictionally unemployed.
C. cyclically unemployed.
D. not in the labor force because his employer had a legitimate reason for firing him.
Answer: B
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Government mandated safety standard within firms
A) will always decrease efficiency. B) can increase efficiency by avoiding a prisoner's dilemma outcome. C) are unnecessary because of asymmetric information. D) will create unfair competition among firms.
A profit-maximizing firm in a competitive market is able to sell its product for $7 . At its current level of output, the firm's average total cost is $10 . The firm's marginal cost curve crosses its marginal revenue curve at an output level of 9 units. The firm experiences a
a. profit of more than $27. b. profit of exactly $27. c. loss of more than $27. d. loss of exactly $27.
The horizontal summation of the demands of each consumer at different price levels is called:
A. speculative demand. B. the market demand curve. C. the price elasticity of market demand. D. consumer surplus.
Refer to the information provided in Figure 6.9 below to answer the question(s) that follow.
Figure 6.9Refer to Figure 6.9. The marginal utility of the first video game rental is
A. 8. B. 10. C. 25. D. 40.