When an economy is at full employment, the unemployment rate is zero percent
Indicate whether the statement is true or false
FALSE
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In a graph that illustrates a perfectly competitive firm, marginal revenue is
A) a diagonal line that lies below the firm's demand curve. B) a line that intersects the firm's demand curve from below at its lowest point. C) the same as the firm's demand curve. D) a line that intersects the firm's average total cost curve from below at its lowest point.
Economic profits disappear quickly when a market is
A) perfectly competitive. B) monopolistically competitive. C) a monopoly. D) an oligopoly.
Which of the following best explains why the behavior of an individual firm in an oligopoly is difficult to predict?
a. Each firm is interdependent. b. Each firm is a perfect competitor. c. There are a large number of firms. d. The price follower is difficult to identify.
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.