Which of the following would increase the natural rate of unemployment?
A) an increase in the number of younger, less skilled workers in the economy
B) a reduction in the generosity of unemployment insurance programs
C) an increase in government-sponsored programs that train unemployed workers so they can find new jobs quickly
D) restrictions on the ability of unions to negotiate wage changes with companies
A
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A firm decreases its scale of operation and discovers that its long-run average costs decrease. Which of the following does this indicate?
A) Labor's marginal product has increased. B) Diseconomies of scale were absent in the larger plant. C) The firm's scale initially was so large that it experienced diseconomies of scale. D) The firm's scale initially was too small to experience economies of scale. E) Its long-run marginal cost was smaller with the larger plant than with the smaller plant.
How is the demand curve faced by a perfectly competitive firm different from that faced by a monopoly? How does it affect their pricing policies?
What will be an ideal response?