The Persistent,long-Term Unemployment Caused by Long-Lasting Shocks or Permanent Features

question 5

Multiple Choice

The persistent,long-term unemployment caused by long-lasting shocks or permanent features of an economy is called:

• A) frictional unemployment.
• B) structural unemployment.
• C) cyclical unemployment.
• D) seasonal unemployment.

Explain the role of marginal cost in a firm’s decision-making process.

Determine the shut-down price and break-even price for firms.

Understand the assumptions underlying the model of perfect competition.

Analyze the supply curve of a firm and industry in perfect competition.

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Definitions:

Informed Judgment Forecasts

Predictions about future events, trends, or behaviors made by experts using their knowledge and experience.

Generally Unreliable

Characterizes information or sources that often fail to provide accurate or dependable results or outcomes.

Fast And Inexpensive

Describes a process, solution, or service that requires minimal time and financial investment to accomplish or acquire.

Top Management

Responsible for controlling and overseeing the entire organization, setting overarching goals, and making high-level decisions.