In the above figure, the market price charged by this profit-maximizing, perfectly competitive firm is
A) $5 per unit of output.
B) $10 per unit of output.
C) $8 per unit of output.
D) $14 per unit of output.
B
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The costs of unemployment are lowest (and perhaps even negative) for ________ unemployment.
A. cyclical B. frictional C. cyclical and structural D. structural
A country is likely to be better off in the long run if it pursues self sufficiency
Indicate whether the statement is true or false
Labor demand is decreasing in the wage because
A) the substitution effect is larger than the income effect. B) the income effect is larger than the substitution effect. C) the production function is concave. D) the marginal product of labor is increasing in labor.
One reason why economists often use models in their analysis is that
A) a model helps us to understand, explain, and predict economic phenomena in the real world. B) a model accurately pictures every detail of the real world economy. C) a model relates to individual thought processes rather than behavior. D) it is relatively easy to perfectly specify a model.