Which one of the following people is cyclically unemployed?
A) a Nova Scotia fishery worker who is searching for a better job closer to home
B) a Saskatchewan welder who lost her job when her company relocated to B. C. and is currently looking for a job
C) a steel worker who is laid off but who expects to be called back soon
D) an office worker who has lost her job because of a general slowdown in economic activity
E) none of the above
D) an office worker who has lost her job because of a general slowdown in economic activity
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In the long-run, a firm in monopolistic competition produces at an output level where
A) P > ATC and MR = MC. B) P > ATC and MR > MC. C) P = ATC and MR = MC. D) P = ATC and MR > MC. E) P = ATC and MC = ATC.
A perfectly competitive industry is in long-run equilibrium. Some firms in the industry adopt new technology that reduces the average total cost of producing the good
In the long run, the price is ________, firms with the new technology make ________ economic profit, and firms with the old technology ________. A) lower; zero; exit the industry B) constant; a positive; make zero economic profit C) lower; zero; switch to the new technology or exit the industry D) constant; zero; exit the industry
Which of the following is a common reaction to a decrease in the interest rate?
a. An increase in oil prices. b. A decrease in stock market prices. c. An increase in spending on new homes. d. An increase in military spending. e. An increase in federal highway spending.
If marginal cost is greater than average total cost then
a. profits are increasing b. economies of scale are becoming greater c. average total cost remains constant d. average total cost is increasing e. average total cost is decreasing