In the long run, both monopolistic competition and perfect competition result in:
a. a wide variety of brand-name choices for consumers.
b. an efficient allocation of resources.
c. zero economic profit for firms.
d. excess capacity.
c
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The natural rate hypothesis concludes that when the inflation rate unexpectedly increases, the unemployment rate ________
But when the higher inflation rate becomes the expected inflation rate, the unemployment rate then ________ until it reaches the ________ unemployment rate. A) decreases; decreases; natural B) increases; decreases; natural C) decreases; increases; natural D) increases; decreases; minimum E) decreases; increases; maximum
If a large number of people were to leave their civilian jobs and join the military, which of the following would increase?
A) the civilian labor force B) the civilian employment ratio C) the civilian unemployment rate D) the civilian labor-force participation rate E) none of the above
Which of the following statements about demand and price elasticity of demand is? TRUE?
A. Since the demand curve has a negative? slope, the price elasticity of demand is negative. B. Since the demand curve has a negative? slope, the price elasticity of demand is positive. C. Since the demand curve has a positive? slope, the price elasticity of demand is negative. D. Since the demand curve has a positive? slope, the price elasticity of demand is positive.
Which is an example of barter?
A. A person trading a desk for a box of tools. B. The purchase of stock on the New York Stock Exchange. C. A person buying clothes at a used clothing store. D. A gift of tuition money from parents to their children.