Wait unemployment and search unemployment are both types of:
A. cyclical unemployment.
B. hidden unemployment.
C. frictional unemployment.
D. structural unemployment.
C. frictional unemployment.
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To maximize profits, a monopolist that engages in price discrimination must allocate output in such a way as to make identical the ____ in all markets
a. ratio of price to marginal cost b. ratio of marginal cost to marginal utility c. ratio of price to elasticity d. marginal revenue e. none of the above
Tim Tupper's term paper-typing business is a perfectly competitive firm in long-run equilibrium. Which of the following does not describes the firm's situation?
a. It will be minimizing average total cost. b. It will be charging a price equal to marginal cost. c. It will be charging a price equal to average total cost. d. It will be earning a normal profit. e. Entrepreneurs outside the industry will be eager to enter.
Which of the following conditions would prevent price discrimination?
a. an economic profit b. a monopoly market structure c. profit maximization d. the inability to identify those customers willing to pay more e. the ability to prevent low-price customers from reselling to high-price customers
One implication of coupling the rational expectations hypothesis with the assumption of flexible wages and prices is that
A. contractionary monetary policy will be effective in combating inflation. B. only predictable policy actions by the Fed will have an effect on the real economy. C. expansionary monetary policy will be effective in combating recessions. D. only unpredictable policy actions by the Fed will have an effect on the real economy.