Suppose that Matt quits a job with the XYZ Corporation in order to look for more rewarding employment. Matt would be
A) counted as still being employed.
B) included in the economy's "hidden employment."
C) counted as frictionally unemployed.
D) counted as cyclically unemployed.
C
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Which of the following is ALWAYS true for a perfectly competitive firm?
A) P = MR B) P = ATC C) MR = ATC D) P = AVC
Which generalization is incorrect?
A. Given supply, the more elastic the demand for a product, the larger is the portion of an excise tax that is shifted forward to consumers B. Given demand, the more elastic the supply of a product, the larger is the portion of an excise tax that is borne by producers C. Given supply, the more elastic the demand for a product, the larger is the portion of an excise tax that is borne by the sellers D. Given demand, the less elastic the supply of a product, the larger is the portion of an excise tax that is shifted forward to consumers