A general mismatch between the skills of unemployed workers and the skills needed by employers with job openings results in
a. frictional unemployment.
b. structural unemployment.
c. cyclical unemployment.
d. a higher labor force participation rate.
B
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Consumers have the tendency to replace a more expensive item with an even more expensive item.
a. true b. false
The price of a shirt is $20. Charlie can produce a shirt at a marginal cost of $10, Mac can produce a shirt for $18, and Dennis can produce a shirt for $22
For a shirt, Deandra has a marginal benefit of $25, Frank has marginal benefit of $20, and Artemis has a marginal benefit of $18. Which of the following statements is correct? A) The sum of consumer surplus is $5 and the sum of producer surplus is $12. B) The sum of consumer surplus is $12. C) Only Frank and Artemis will purchase a shirt. D) Only Dennis will produce a shirt. E) The sum of producer surplus is $10.