Labor hoarding occurs when
A) firms keep good workers so other firms can't hire them.
B) the unemployment rate exceeds the natural rate of unemployment.
C) involuntary unemployment exceeds voluntary unemployment.
D) because of hiring and firing costs, firms retain workers in a recession that they would otherwise lay off.
D
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The table above shows some of the costs for a perfectly competitive firm. If the price is $160 per unit, how many units of output will the firm produce?
A) 8 B) 9 C) 10 D) more than 10
Figure 7-2
In Figure 7-2, average cost at 500 units of output equals
A. 4,000. B. 200. C. 8. D. 6.