The natural rate of unemployment is
A. 4 percent.
B. determined by the Bureau of Labor Statistics.
C. dependent on the business cycle.
D. the level where inflation is more or less stable.
Answer: D
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Refer to the figure above. What is the price effect of a price reduction from $6 to $4?
A) $300 B) $600 C) $900 D) $1,200
When the average cost of a typical firm declines as the output of the industry within a geographic area increases it is referred to as
A. external scale economies. B. internal scale diseconomies. C. internal scale economies. D. constant returns to scale.
Big Bear Enterprises, which competes in a perfectly competitive market, is producing so that the point chosen along the production possibility frontier is socially preferred. Big Bear Enterprises has achieved which of the following?
a. Allocative efficiency b. Productive efficiency c. Economies of scale d. Long-run equilibrium
Figure 8.2 shows demand and costs for a monopolistically competitive firm. At the profit-maximizing output level, the firm's profit is:
A. $1,200. B. $1,050. C. $750. D. $375.