According to Edward Chamberlin, is the "differentness" of products a waste of resources? Explain
What will be an ideal response?
According to Chamberlin, the "differentness" of products that consumers pay for is represented by the difference between the average cost of production for a monopolistic competitor and the minimum average total cost. He did not consider this amount a waste of resources but what consumers are willing to pay for in exchange for more choice and variety in output.
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Beth has just quit her job, moved to a new city, and is looking for a new job. Beth is
A) frictionally unemployed. B) structurally unemployed. C) distance unemployed. D) cyclically unemployed. E) locationally unemployed.
Without any change in the demand for labor, how will shifts in the supply of labor affect equilibrium wage and employment?
What will be an ideal response?