A buyer values a house at $525,000 and a seller values the same house at $485,000 . If sales tax is 8% and is levied on the buyer, then, what would be the highest price that the buyer would be willing to pay?

If a perfectly competitive seller is maximizing profit and is making zero economic profit, which of the following will this seller do?

A) go to work in the next-best earning opportunity B) shut down, with a loss equal to total fixed cost C) continue at the current output, making zero economic profit D) increase production in order to make an economic profit E) remain open but decrease production in order to make an economic profit

Cyrus just graduated from flight school. He received multiple offers, but is waiting to hear back from all the jobs he applied to before he makes a decision. Cyrus is experiencing

A. frictional unemployment. B. seasonal unemployment. C. structural unemployment. D. cyclical unemployment.