If five firms constitute all of the producers in the wristwatch industry, we would call this market a duopoly.

The short-term unemployment caused by the ordinary difficulties of matching employee to employer is called:

A) frictional unemployment. B) cyclical unemployment. C) structural unemployment. D) seasonal unemployment. E) unnatural unemployment.

Mark owns a cattle ranch near Hugo, Oklahoma. Mark is currently producing beef at an output level where marginal revenue exceeds marginal cost. In order to maximize his profit, Mark should

A) not change his output. B) decrease his output. C) increase his output. D) shut down his ranch. E) probably change his output, but more information is needed to determine if he should increase, decrease, or not change it.