Frictional unemployment is unemployment reflecting a mismatch of skills and jobs
Indicate whether the statement is true or false
FALSE
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A monopoly will price its product:
a. where total revenue is maximized. b. where total costs are minimized. c. at that point on the market demand curve corresponding to an output level in which marginal revenue equals marginal cost. d. at that point on the market demand curve which intersects the marginal cost curve.
Explain why choosing which job to apply for constitutes a game, while choosing where to order pizza for dinner is more likely just a decision
What will be an ideal response?
Roses are more expensive on Valentine's Day than at other times of the year, yet sales of roses are highest on that day. How does economic theory account for this?
A) An increase in demand pushes up the market clearing price of roses. B) People buying the roses are irrational. C) Roses are not subject to the law of demand. D) Florists know that there are no substitutes for roses, so they take advantage of consumers on Valentine's Day.
Give several economic examples of how to test various joint linear hypotheses using matrix notation
Include specifications of R? = r where you test for (i) all coefficients other than the constant being zero, (ii) a subset of coefficients being zero, and (iii) equality of coefficients. Talk about the possible distributions involved in finding critical values for your hypotheses. What will be an ideal response?