A person who voluntarily quits their job in New York and expects to get a similar job in Los Angeles is an example of
frictional unemployment
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A binding price ceiling causes a shortage in the market
a. True b. False Indicate whether the statement is true or false
Consider a price searcher industry with high barriers to entry. In the short run, total revenues of the monopoly exceeds total costs. What will happen in the long run?
A. Nothing, because would-be rival firms are prohibited from entering the industry or find the start-up costs too costly to warrant the entrepreneurial risk to enter the industry. B. Many firms will enter the market and each firm will eventually operate at a loss. C. firm will be making just enough to cover per unit costs. D. Additional firms will enter the market, but the price will remain the same because the existing firms will not allow price to decrease.
Office workers and word processing programs are complements if:
A. a decrease in the wage paid to office workers leads to an increase in the demand for word processing programs. B. a decrease in the wage paid to office workers leads to a leftward shift in the demand for word processing programs. C. they perform similar functions. D. an increase in the price of word processing programs leads to an increase in the demand for office workers.
The U.S. Steel case of 1920 and the Alcoa case of 1945 dealt with which antitrust issue?
A. To what extent should firms be limited in buying plant and equipment from other firms? B. Should an industry be judged by its behavior or by its structure? C. Should the steel and aluminum industries be considered natural monopolies? D. Should mergers be permitted between firms in closely related industries?