The above figure shows the demand and cost curves facing a monopoly. Maximum profit equals

Structural unemployment is

A) associated with the changing of jobs in a dynamic economy. B) associated with general downturns in the economy. C) associated with changes in technology that change required job skills. D) very short-term unemployment.

If a union is able to decrease the supply of workers in a competitive labor market but the union cannot affect the demand for its members' labor, then

A) wages and the quantity of labor hired will both increase. B) wages will increase but the quantity of labor hired will decrease. C) wages will decrease but the quantity of labor hired will increase. D) wages and the quantity of labor hired will both decrease.