Unemployment that emerges during sectoral shifts in the economy is known as ________
A) structural unemployment
B) discouraged unemployment
C) cyclical unemployment
D) frictional unemployment
A
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Suppose that no externalities are generated by the production of chickens. If the price of chickens is equal to private marginal cost of producing chickens, then
a. that price is lower than the price associated with an efficient allocation of resources b. that price is higher than the price associated with an efficient allocation of resources c. that price is precisely the price associated with an efficient allocation of resources d. less than an efficient quantity is being produced e. more than an efficient quantity is being produced
The key difference between monopolistic competition and perfect competition is that in monopolistic competition the tangency of
A. AC and the demand curve occurs along the negatively sloped part of AC. B. the demand curve and AC occurs at the minimum point of the AC curve. C. AC and the demand curve occurs along the positively sloped part of AC. D. MC and MR at the optimum output.
Cutthroat competition is on the opposite end of the competitive spectrum from
A. covert collusion. B. price leadership. C. open collusion. D. cartels.
Which statement is false?
A. The monopolist's demand and marginal revenue curves are identical. B. Your local phone company is a natural monopoly. C. A monopoly can be a small firm. D. None of these statements are false.