A constant-cost industry is one in which:
A. the demand curve is horizontal.
B. the long-run supply curve is horizontal.
C. the short-run supply curve is horizontal.
D. All of these
Answer: B
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Holding other factors constant, building an on-line job database to help workers find jobs would likely
A) reduce cyclical unemployment and the natural rate of unemployment. B) reduce structural unemployment and the natural rate of unemployment. C) reduce frictional unemployment and the natural rate of unemployment. D) increase the natural rate of unemployment.
The business cycle consists of four phases. At the top we have:
a. expansion, followed by peak, and then recession followed by a recession. b. expansion, followed by a recession, and then peak followed by recession. c. peak, then an upturn followed by a recession, and then recession. d. peak, then a recession followed by expansion, and then recession. e. peak, then a recession followed by recession, and finally, expansion.