Refer to the scenario above. Jack and Jill will derive maximum utility if:
A) Jack tries to move the tree while Jill does not.
B) Jill tries to move the tree while jack does not.
C) both of them try to move the tree.
D) neither of them tries to move the tree.
C
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The ongoing normal creation and destruction of jobs creates
A) frictional unemployment. B) structural unemployment. C) avoidable unemployment. D) cyclical unemployment. E) destructive unemployment.
In the short run, a change in the equilibrium price will
A) always lead to inflation. B) cause a shift in the demand curve. C) cause a shift in the supply curve. D) cause a change in the quantity demanded or supplied.
Whenever a perfectly competitive firm chooses to change its level of output, its marginal revenue
a. increases if MR < ATC and decreases if MR > ATC. b. does not change. c. increases. d. decreases.
If a perfect competitor faces P = ATC in the long run, the firm will
A) earn economic profits. B) earn economic losses. C) leave the industry. D) remain in the industry.