The company where Bruce worked decided to shut down one of its factories. Bruce was laid off as part of a permanent reduction in workforce in August 2008 . He was unemployed at the time of an employment survey in September 2008 but started working again in December 2008 . This is an example of _____

The reason why the Industrial Revolution originated in Britain can be partly attributed to its:

A) command economy. B) well-developed market system. C) opposition to creative destruction. D) extractive institutions.

Say that Japanese firms commit to avoid laying off their employees when demand for their products is low, but American firms often lay off workers when demand is low. As a result, ceteris paribus, we would expect Japanese firms to: a. face more elastic demand curves than American firms

b. have relatively greater variable costs than American firms. c. continue to produce at some prices at which American firms would shut down. d. shut down at prices at which American firms would continue to operate.