The unemployment that occurs during recessions and depressions is
A. cyclical unemployment.
B. structural unemployment.
C. frictional unemployment.
D. the natural rate of unemployment.
Answer: A
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As we observe the cost curves graph, we see that the
A) MC curve intersects the ATC curve at its maximum. B) MC curve cannot be U-shaped. C) ATC curve always has a negative slope. D) MC curve intersects the AVC curve and ATC curve at their minimums. E) MC constantly falls as output increases.
In the long run, the economic profits of a monopolistically competitive firm
A) will tend to be larger than in the short run. B) equal zero. C) will be the average short-run profits earned in the last five years. D) will be the same as in the short run.
Which of the following is an example of a collusive oligopoly?
a. a cartel b. a tariff c. a prisoners’ dilemma d. a non-cooperative game
The upward-sloping portion of the long-run average total cost curve is caused by:
A. diseconomies of scale. B. the presence of fixed inputs. C. indivisible setup costs. D. the absence of fixed inputs.