Which feature of a market would contribute most to overall social welfare?
a. Low prices and high outputs
b. Reduction in costs due to technological improvements
c. The invention of new products
d. Difficult to weigh a, b, and c without further information about society's preferences
d
Economics
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Bill is a high-school dropout who lost his job in a fast food restaurant when the economy plunged into a recession. After 8 months, Bill is still looking for work. He is an example of
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) the natural unemployment rate.
Economics
If a union successfully negotiates for higher wages and benefits for steel workers, what impact would this have on supply and demand in the market for steel, assuming no other changes take place in this market?
What will be an ideal response?
Economics