A firm is defined in Economics as
a. a corporation that creates demand for the goods it produces.
b. an entity that produces and sells goods that individuals demand.
c. an individual or group of individuals providing public services at no charge.
d. any group of individuals seeking to increase their income.
b. an entity that produces and sells goods that individuals demand.
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A country engaging in trade according to the principles of comparative advantage gains from trade because it
A) is producing exports indirectly more efficiently than it could alternatively. B) is producing imports indirectly more efficiently than it could domestically. C) is producing exports using fewer labor units. D) is producing imports indirectly using fewer labor units. E) is producing exports while outsourcing services.
________ unemployment is short term, but ________ unemployment can last for longer periods because workers need time to acquire new skills
A) Cyclical; frictional B) Structural; seasonal C) Seasonal; frictional D) Frictional; structural
A fall in the price of a good causes an increase in its:
A. quantity demanded. B. demand. C. quantity supplied. D. supply.
When a group of workers forms a union, they introduce an element of
A) pure competition into the labor market. B) monopoly into the labor market. C) monopoly into the product market. D) monopsony into the product market.