If the inputs to a production process are perfect complements, the firm can choose from a virtually infinite array of combinations of the two inputs to minimize the costs of producing a given level of output
Indicate whether the statement is true or false
FALSE
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A reduction in unemployment benefits will
A) not change the amount of frictional unemployment because unemployment benefits affects only structural unemployment. B) increase the amount of frictional unemployment. C) decrease the amount of frictional unemployment. D) increase the amount of cyclical unemployment. E) not change the amount of frictional unemployment because unemployment benefits affects only cyclical unemployment.
If P = 2 and Y = 1000 . then which of the following pairs of values are possible?
a. M = $500, V = 4. b. M = $250, V = 8. c. M = $1,000 . V = 2. d. All of the above are correct.
Distinguish between invention and innovation.
What will be an ideal response?
Assuming the market is in equilibrium in the graph shown with demand D and supply S2 at a quantity of 8, producer surplus is:
A. less than the consumer surplus. B. 28 C. $32. D. 16