In the long run, firms in a monopolistically competitive market operate:
A. at lowest average total costs possible.
B. at full capacity.
C. at less than full capacity.
D. on an efficient scale.
C. at less than full capacity.
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While high-paid American workers fear competition with low-paid foreign workers, low-paid foreign workers fear competition with high-paid American workers. Why?
A) Because high wages are the result of extensive tariff and other trade restrictions. B) Because high wages reflect high worker productivity and the low-paid foreign workers are not as productive. C) It is completely irrational and unfounded. D) Because America has such a large market it can protect its workers. E) Because high wages mean that U.S. workers can buy more goods and services.
The behavior of an individual perfectly competitive firm has a perceptible influence on the market price
a. True b. False Indicate whether the statement is true or false
In automobile manufacturing, many parts of the production process that were once completed by people are now completed using robotics. Workers who lost their jobs as a result of the use of robotics became __________ unemployed.
a. frictionally b. structurally c. naturally d. cyclically
The News Wire article in the text titled "Economy Sharpest decline in 26 years" "Economy Contracts in 3rd Quarter" discusses the reduction in output for the U.S. economy. Which type of unemployment is most likely in this situation?
A. Structural B. Frictional C. Cyclical D. Seasonal