The requirement that New York City taxi drivers own a "medallion" in order to operate a taxi in the city reduces competition and raises the fares that customers pay

The natural rate of unemployment is the amount of unemployment

A) associated with the business cycle. B) that exists when the economy goes into recession. C) equal to frictional plus structural unemployment. D) that exists when the economy is in an expansion.

According to the search model, the marginal benefit of acquiring information about a product is greater for expensive items than for cheap items

a. True b. False