Public policy
a. can reduce both frictional unemployment and the natural rate of unemployment.
b. can reduce frictional unemployment, but it cannot reduce the natural rate of unemployment.
c. cannot reduce frictional unemployment, but it can reduce the natural rate of unemployment.
d. cannot reduce either frictional unemployment or the natural rate of unemployment.
a
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Managers experience bounded rationality when they focus narrowly on maximizing their firm's profits and ignore the broader perspective of society's preferences
a. True b. False
Which of the following must be true in an oligopoly?
a. The firms produce a differentiated product. b. There is one dominant firm in the market. c. The firms are strategically interacting. d. The market is international in scope. e. There are no significant barriers to entry.