Natural rate of unemployment is the normal rate of unemployment toward which the economy gravitates.
Answer the following statement true (T) or false (F)
True
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The opportunity costs of labor is largely determined by
A) demand. B) supply. C) need. D) greed.
Which of the following is not a characteristic of perfect competition?
a. Many small buyers. b. Different firms sell products with different features. c. Ease of entry into and exit from the market. d. Many small sellers.
For a large firm that produces and sells automobiles, which of the following costs would be a variable cost?
a. the $20 million payment that the firm pays each year for accounting services b. the cost of the steel that is used in producing automobiles c. the rent that the firm pays for office space in a suburb of St. Louis d. All of the above are correct.
Explain the concept of statistical discrimination and give an example of it. How can it lead to discrimination even in the absence of prejudice?
What will be an ideal response?