When the quantity of labor supplied is equal to the quantity of labor demanded at the equilibrium wage rate
A) frictional unemployment is zero.
B) there is a lack of unemployment.
C) the economy operates at full-employment output.
D) the economy is at a peak point during an inflationary period.
C
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Which of the following is true at the output level where diminishing marginal product first set in?
a. Both marginal product and marginal cost are at a minimum b. Both marginal product and marginal cost are at a maximum. c. Marginal product is at a maximum and marginal cost is at a minimum. d. Marginal product is at a minimum and marginal cost is at a maximum.
When British soldiers in German prisoner of war camps during World War I smoked the best cigarettes and used the low-quality ones as money, they were obeying
a. Gresham's law that says bad money drives out good money b. Gresham's law that says good money drives out bad money c. the classical law that says bad money drives out good money d. the classical law that says velocity affects money e. Weldon's law that says velocity affects money