Frictional unemployment comes about because of
A) friction between labor and management.
B) a mismatch between skills and available jobs.
C) normal labor market turnover.
D) a general economic slowdown.
C
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In a market, at the equilibrium price
A) neither buyers nor sellers can do business at a better price. B) buyers are willing to pay a higher price, but sellers do not ask for a higher price. C) buyers are paying the minimum price they are willing to pay for any amount of output and sellers are charging the maximum price they are willing to charge for any amount of production. D) None of the above is true.
The potential for profit-increasing false advertising is greatest for which of the following goods?
A) a washing machine B) spot carpet cleaner C) hair shampoo D) toothpaste
Refer to the above table. If the price of the good produced is $8, the marginal revenue product of the 12th worker is
A) $720 B) $800 C) $5520 D) $560
When an external cost exists that is NOT taken into account in the production of a product,
A) the level of output is too low, and the supply curve should shift to the right to account for the externality. B) the level of output is optimal, and there should be no change in the supply curve. C) the price of the product is too high, and production should be expanded to lower the price. D) the level of output is too high, and the supply curve should shift to the left to account for the externality.