Cyclical unemployment originates with an imbalance between injections and leakages, not the absolute size of injections or leakages.
Answer the following statement true (T) or false (F)
True
As long as leakages equal injections regardless of the size, there is no cyclical unemployment; however, when leakages exceed injections, there will be increased cyclical unemployment.
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Sun's Gas Station is a firm operating in a perfectly competitive industry. Sun's Gas Station sells each gallon of gas for $3. What is the total revenue earned by selling 180 gallons of gas?
A) $240 B) $540 C) $840 D) $3,300
If 400 apple pies are sold at $4 per pie, but 600 apple pies are sold at $3 per pie, we know: a. that the demand for pies is elastic over that price range
b. that the demand for pies is inelastic over that price range. c. that the demand for pies is unit elastic over that price range. d. nothing about the elasticity of demand.