The unemployment rate will decrease whenever there is a(n) _____
a. increase in the number of persons classified as unemployed
b. decrease in the number of unemployed persons relative to the size of the labor force
c. decrease in the size of the population and no change in the number of persons classified as employed
d. reduction in the size of the labor force
e. decrease in the number of unemployed persons and no change the population
b
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Collusive control over price may permit monopolists to:
A. Use new technology, achieve economies of scale, and get government subsidies B. Achieve economies of scale, reduce costs, and prevent price cheating C. Increase product demand, increase product supply, and lower cost D. Reduce uncertainty, increase profits, and possibly limit entry of new firms
A large farm uses fertilizer that nearby landowners complain may contaminate their water. Tests are conducted and contaminants are found. The costs resulting from this decision are referred to as
A. factor costs. B. external costs. C. implicit costs. D. opportunity costs.