Kevin has lost his job in an automobile plant because the company switched to robots for its welding step in the assembly line. Kevin plans to go to technical school to learn how to repair microcomputers. The type of unemployment Kevin is faced with is:

A firm decides to hire more equipment if:

a. the average revenue it earns by selling its output is equal to its average cost. b. its total revenue is greater than the total cost of hiring the equipment. c. the marginal revenue product of the additional unit of equipment is greater than the marginal factor cost. d. its average revenue is greater than the average cost of hiring equipment. e. the price of its product is greater than the average cost of production.

Market economies rely on which of the following to allocate scarce resources?

a. government b. consumers c. relative prices d. real interest rates