According to classical economists, unemployment exists because
A) it takes time and effort for someone to find a job.
B) government activity causes unemployment.
C) the minimum wage generates unemployment.
D) workers are all identical.
A
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Suppose there is an oligopoly in the bottled cold coffee industry. Which of the following is probably the most significant barrier to entry?
a. The existing firms have expertise in using game theory strategies. b. No patents have been granted to the existing firms in the industry. c. The existing firms own most of the coffee bean plantations. d. There are no tariffs imposed on coffee bean imports.
What is the shape of the AS in the short run and the long run?
A. AS is relatively flat in both the short and long runs. B. AS is relatively flat in the short run but steeper in the long run. C. AS is relatively steep in both the short and long runs. D. AS is relatively steep in the short run but flatter in the long run.