Suppose that each worker must use only one shovel to dig a trench, and shovels are useless by themselves. In the long run, the firm's cost function is

Asset-price bubbles ________

A) are a relatively recent phenomenon B) end with an increase in asset prices C) have been a feature of market economies for centuries D) are likely to be prevented by advances in computer technology and telecommunications

The Bureau of Labor Statistics counts as employed people who work part-time, but would prefer to work full-time. Suppose the people who had part-time jobs, but wanted full-time jobs, were counted as unemployed. Explain how the unemployment rate and the

labor force participation rate would change. What will be an ideal response?