Sectoral shifts temporarily cause unemployment
a. True
b. False
Indicate whether the statement is true or false
True
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The income effect of a price increase causes a decrease in the quantity of a normal good demanded
Indicate whether the statement is true or false
The marginal cost curve crosses the average total cost curve at the
a. highest level of average total cost. b. lowest level of average total cost. c. point where the ATC equals the AVC. d. point where the ATC equals the AFC.
If a firm is operating at an output level where losses are minimized, the firm
A) has no incentive to stay in the industry. B) is better off exiting the industry. C) is maximizing profits. D) will shut down.
Describe the market process that should occur if the price of a product is below its equilibrium price; now describe what would occur if the price is above its equilibrium price, assuming no market interference
What will be an ideal response?