A market that has no barriers to entry and many small firms selling products that are slightly different from one another is best described as:
A. monopolistic competition.
B. monopoly.
C. perfect competition.
D. oligopoly.
A. monopolistic competition.
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Let M = 36, k = 3, Ls = W/P, MPN = L-1/2 and Y = 2L1/2 . Calculate the labor demand curve, the aggregate demand curve, and the equilibrium values of the real wage, labor, output, and the price level
What will be an ideal response?
Which one of the following individuals would be classified as structurally unemployed?
A) Joe was laid off by by his construction company because there was a reduction in the number of houses built in the winter. B) Gail lost her job with the state because there was a reduction in the state budget. C) Tommy lost his job when the steel mill where he worked was closed because domestic producers would not produce as efficiently and cheaply as foreign firms. D) Fay lost her job in early January when the Christmas store where she worked was closed.
By using the market basket approach:
A. it allows us to see how cost of living is affected by the changing prices of different goods relative to how much of each good you buy. B. we get a moreaccurate picture of the changing cost of living than by simply averaging the changing prices of goods listed in the market basket. C. we get a clearer picture of the changing cost of living than by averaging the changing prices of all goods and services produced. D. All of these statements are true.
Refer to the short-run information provided in Figure 8.5 below to answer the question(s) that follow. 
Figure 8.5 Refer to Figure 8.5. If one drone is produced, average variable costs are
A. $25. B. $30. C. $40. D. indeterminate from this information.