A severe hurricane hits Florida, destroying large amounts of the citrus crop. What is the most likely effect of this on aggregate supply?
a. It will be unchanged.
b. No effect, the economy will move along the curve to a higher price level.
c. No effect, the economy will move along the curve to a lower price level.
d. It will increase.
e. It will decrease.
e
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If the market price in a perfectly competitive market is less than a firm's minimum average variable cost, then the firm's total revenue will always ________
A) exceed its total fixed cost B) be less than its total economic loss C) equal its total cost D) be less than its total variable cost
An example of a seasonally unemployed worker would be
A) a day care provider who quits his job to go back to school. B) a mother who quits her job to stay home with her children. C) a General Motors employee loses her job because the company is downsizing its work force. D) a software engineer who is laid off because of declining demand for the software he writes. E) a ski lift operator who loses his job when the snow melts in the spring.