The unemployment rate was falling during all of the years that I was a student, but as soon as I graduated, the unemployment rate started to rise. Therefore, the job market was waiting until I started looking for employment to start to go bad. This statement is an example of
A. fallacy of logic.
B. fallacy of inductive reasoning.
C. ceteris paribus fallacy.
D. post hoc, ergo propter hoc fallacy.
Answer: D
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A ________ curve shows the marginal cost of producing one more unit of a good or service
A) marginal benefit B) production possibilities C) supply D) demand
Firms in perfect competition produce the productively efficient output level in the short run and in the long run
Indicate whether the statement is true or false
If we are comparing the price of regular gasoline with the price of super gasoline, then an increase in the relative price of regular gasoline implies that
A) the nominal price of regular gasoline increased. B) the nominal price of super gasoline decreased. C) the relative price of super gasoline decreased. D) the relative price of regular gasoline increased.
If the marginal profit of the next unit is negative, the firm should produce more output in order to generate greater profit
a. True b. False Indicate whether the statement is true or false