Which statement is the most accurate?
A. The monopolist produces at the minimum point of its average total cost curve.
B. The monopolist breaks even in the long run.
C. The monopolist faces the entire industry demand curve.
D. Nearly all monopolists are very large firms.
C. The monopolist faces the entire industry demand curve.
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If the natural rate of unemployment in a country is 6% and the unemployment rate in the country is 8%, the cyclical unemployment in the country must be:
A) 8%. B) 6%. C) 14%. D) 2%.
A golf club manufacturer pays its workers based on the number of sets of clubs they produce. This firm
A) organizes production based on an incentive system. B) organizes production based on a command system. C) does not have any implicit costs. D) does not have explicit costs.