An example of a frictionally unemployed individual is
a. Sylvia, who quit her job to spend more time with her children
b. Rod, the lifeguard, who cannot find a job because the temperature is too low in October
c. Ileana, a college student who quits her job to return to school
d. Steve, an individual does not have skills to keep his job as an aerospace engineer
e. Samantha, who quits her job to look for better one
E
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The term prisoners' dilemma
a. refers only to situations where prisoners' must confess on one another. b. is in agreement with Adam Smith's invisible hand idea. c. represents situations where people do not act in their own self interest. d. can be applied to show why cartels are difficult to maintain.
To maximize profit a perfectly competitive firm supplies a good up to the point at which
A. the marginal revenue is higher than the marginal cost. B. the marginal cost of producing the good is zero. C. the average revenue equals average cost. D. the price of the good equals marginal cost.