Unemployment compensation, by ________ layoffs at firms whose sales have declined, ________ the natural rate of unemployment
A) encouraging, raises
B) encouraging, lowers
C) discouraging, raises
D) discouraging, lowers
A
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Limit pricing refers to
A) the fact that a monopoly firm always sets the highest price possible. B) how the price is determined in a kinked demand curve model of oligopoly. C) a situation in which a firm might lower its price to keep potential competitors from entering its market. D) none of the above.
Why can superstar athletes and movie stars earn multimillion dollar salaries but superstar electricians and professors cannot?
a. Every customer in the market wants to enjoy the good supplied by the best producer. b. Technology makes it possible for the best producer to supply every customer at low cost. c. Customers are willing to pay more for entertainment than other services. d. Both a and b are correct.