In the goods market, firms ________ and households ________
A) supply goods and services; purchase goods and services
B) pay rent, wages, interest, and profit; earn rent, wages, interest, and profit
C) supply land, labor, capital, and entrepreneurship services; hire land, labor, capital, and entrepreneurship services
D) purchase goods and services; supply goods and services
E) hire land, labor, capital, and entrepreneurship services; supply goods and services
A
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Which of the following characterizes long-run equilibrium in perfect competition?
A) P = MC = ATC B) P = MC < ATC C) P > MC = ATC D) P = MC > ATC
The natural rate of unemployment is the amount of unemployment
A. that exists when the economy goes into recession. B. equal to cyclical unemployment. C. that exists when the economy is in an expansion. D. equal to frictional plus structural unemployment.