Frictional unemployment is
A) related to job search difficulties for potential workers.
B) a result of a poor match of worker's abilities and skills with current requirements of employers.
C) a result of business recessions that occur when aggregate demand is insufficient to create full employment.
D) a result of the seasonal pattern of work in specific industries.
A
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The marginal revenue product of labor is:
a. how much labor can be purchased with the revenue from the sale of one more unit of the good. b. how much does the marginal revenue change when you add more labor. c. the same as the marginal revenue product of capital in equilibrium. d. determined by the wage rate. e. the contribution to total revenue made by the marginal laborer.
If a cut in prices increases total revenue in the short run, what will it do to total revenue in the long run? a. It will decrease total revenue in the long run
b. It will increase total revenue in the long run. c. It will leave total revenue unchanged in the long run. d. Any of the above results are possible in the long run.