Before entering, fixed cost associated with the industry in question are sunk costs for
A) the incumbent firm.
B) the outside firm.
C) both firms.
D) neither firm.
A
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A review of U.S. history provides evidence that
(a) class mobility is restricted. (b) race and gender barriers simply cannot be dismantled. (c) the wealthy and idle rich class has deep and permanent roots in the U.S. (d) there are no social barriers that cannot be overcome in the U.S.
The natural rate of unemployment is
a. the rate of unemployment caused by frictional plus structural unemployment b. the actual rate of unemployment less structural unemployment c. structural, frictional, and cyclical unemployment d. full employment less structural unemployment e. the civilian population that is out of work and actively seeking a job
If a price-taker firm selling in a competitive market offers its product at a higher price than others, it will
a. increase its profits. b. maintain its profit base if the demand for the product is inelastic. c. be able to expand output. d. not be able to sell any output.
The unemployment rate is the number of unemployed people, expressed as
A. a ratio of total employed to the population. B. a ratio of unemployed to the total employed. C. a percentage of the labor force. D. a percentage of the population.