Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at $0.20 per pound when 500 pounds are grown. The demand for potatoes is Q = 10,000/p
If the long-run supply curve is horizontal, then how much will consumers spend, in total, on potatoes? A) $0
B) $500
C) $10,000
D) $50,000
C
Economics
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What might prompt a fresh college graduate to turn down the first job offer he or she receives?
A) They do not wish to begin working. B) They'd rather continue straight into graduate school. C) They expect a better job offer is right around the corner. D) All of the above.
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The type of unemployment created by the normal rate of reentry and entry into the labor force is
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) seasonal unemployment.
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