Which of the following statements is true?
A) There always exists some amount of unemployment in an economy.
B) The unemployment in an economy normally increases at times of expansion and decreases at times of contraction.
C) In almost every economy, each job opening is instantly filled by a qualified worker.
D) The unemployment rate in an economy is constant over the long run.
A
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If a company raises prices on a product with elastic demand, total revenues will probably decrease.
a. true b. false
If it costs $8 to produce a certain product and the product sells for $9, then
a. the markup is approximately 11.1 percent b. the market for this product must be monopolistic c. the markup is $1 d. firms in this industry should shut down to minimize their losses e. the revenue gained from the last unit produced is $1