A welder who quits his job and moves from Houston to Buffalo to try to get a better welding job is said to be:
a. frictionally unemployed.
b. underemployed
c. cyclically unemployed.
d. structurally unemployed.
a
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Vertical contracts between manufacturers and retailers often aim to
a. Prevent the manufacturers from upstream price discrimination b. Reward the manufacturer for undertaking the risk inherent in introducing a new product c. Serve as a "signal" of the manufacturer's belief of the likely success of his product d. All of the above
Suppose there are only two steel firms in the steel industry and their prices are equal to or very close to their ATCs. This circumstance suggests that
a. steel firms are not profit maximizing b. steel has no close substitutes c. the demand for steel is weak d. quantity supplied is less than quantity demanded at the market prices e. close substitutes are produced in other industries
The National Bureau of Economic Research decides the official start and end dates for a recession.
Answer the following statement true (T) or false (F)
If you know that when a firm produces 10 units of output, total costs are $1,030 and average fixed costs are $10, then total variable costs are:
A. $104 B. $930 C. $1,040 D. $1,130