A)B) structural unemploymentC)cyclical unemploymentfrictional unemploymentD)Ceteris paribus, if an 8 percent increase in price leads to a 6 percent increase in the quantity supplied, howwould supply be described?A) Supply is inelastic.B)Supply is elastic.C)Supply is unit elastic.The supply curve is perfectly vertical.D)Cost (in dollars)Which of the following does NOT occur in an economy experiencing full employment?underemploymentA)B)C)D)This figure shows the long-run average total cost curve for a firm that produces basketballs, along withfour short-run average total cost curves. Each of the short-run average total cost curves correspondsto a different plant size. SRATC1 corresponds to Plant size 1, SRATC2 corresponds to Plant size 2, andso forth.FIGURE 7-5Refer to the figure. What is the total cost of producing 500 basketballs per week, assuming the firm uses theoptimal plant size for producing that quantity of output?$500SRATC$22 500$13 500$5000SRATC SRATCSRATC500 1000 1500 2000 2500Basketballs Per WeekLRATC

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Which of the following does NOT occur in an economy experiencing full employment? underemployment A) B) structural unemployment C) cyclical unemployment D) frictional unemployment

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 29P: Predict how each of the following events will raise or lower the equilibrium wage and quantity of...

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Question

A)
B) structural unemployment
C)
cyclical unemployment
frictional unemployment
D)
Ceteris paribus, if an 8 percent increase in price leads to a 6 percent increase in the quantity supplied, how
would supply be described?
A) Supply is inelastic.
B)
Supply is elastic.
C)
Supply is unit elastic.
The supply curve is perfectly vertical.
D)
Cost (in dollars)
Which of the following does NOT occur in an economy experiencing full employment?
underemployment
A)
B)
C)
D)
This figure shows the long-run average total cost curve for a firm that produces basketballs, along with
four short-run average total cost curves. Each of the short-run average total cost curves corresponds
to a different plant size. SRATC1 corresponds to Plant size 1, SRATC2 corresponds to Plant size 2, and
so forth.
FIGURE 7-5
Refer to the figure. What is the total cost of producing 500 basketballs per week, assuming the firm uses the
optimal plant size for producing that quantity of output?
$500
SRATC
$22 500
$13 500
$5000
SRATC SRATC
SRATC
500 1000 1500 2000 2500
Basketballs Per Week
LRATC

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