You and two partners start a company. However, your partners play no role in running the company. You spend all your time managing the business. The time that you could have spent working for someone else and earning wages instead of running the business is your:
a. explicit cost

Unemployment that is the result of recessions is called

A) frictional unemployment. B) cyclical unemployment. C) downtime unemployment. D) structural unemployment.

Gruel is an inferior good. Hence, a decrease in people's incomes

A) shifts the supply curve of gruel leftward. B) decreases the quantity of gruel supplied. C) shifts the demand curve for gruel rightward. D) shifts the demand curve for gruel leftward.