A recession causes a decrease in the demand for housing, resulting in substantial layoffs in the construction industry. This is an example of
A) cyclical unemployment.
B) frictional unemployment.
C) seasonal unemployment.
D) structural unemployment.
A
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As new monopolistically competitive firms enter the market, the demand facing each firm __________, causing the price charged by each firm to __________. In the long run, each firm will earn a __________ profit
a. falls; rise; positive b. rises; fall; positive c. falls; rise; normal d. rises; fall; normal e. falls; fall; normal
Answer the following statement(s) true (T) or false (F)
1. According to available data, U.S. per capita water consumption is lower than more countries around the world. 2. A flat fee pricing scheme for water usage is a pricing structure that is independent of water use. 3. The water pricing scheme that offers an economic incentive to conserve water usage is the declining block pricing structure. 4. The most common pricing structure used for drinking water in the United States is the increasing block rate structure. 5. According to the textbook application, bottled water sold in the United States is controlled by FDA regulations.
Perfect competition and monopolistic competition are similar in that firms in both types of market structure will.
A) act as price takers. B) produce a level of output where price equals marginal cost. C) earn zero profit in the long run. D) act as price setters.
After World War II, cigarettes were used as money in Germany. This is an example of
A. legal money. B. token money. C. commodity money. D. fiat money.