Econ 1023 - Samenvattingen en Aantekeningen

1) The natural unemployment rate is A) equal to 0 percent. B) the same as the cyclical unemployment rate. C) the rate at which cyclical unemployment is equal to 6 percent. D) the rate at which cyclical unemployment is equal to 0 percent. E) none of the above. the rate at which cyclical unemployment is equal to 0 percent

Long-Run (pure competition) firms can expand or contract capacity; firms can enter or exit the industry. Formula for long run equilibrium P=MC (zero economic profit)= min ATC Long-Run Adjustment process firms seek profits and shun losses; free to enter and exit; production will occur at firm's minimum ATC; price will equal min average ATC; MR= min ATC Temporary profits and long run adjustment entry eliminates profits (temporary profits will entice new firms to enter industry, increas...

Econ 102 Exam 1 WSU Latest 2023 Graded A opportunity cost sacrifice the value of the output the person would have contributed to the civilian economy. The value of the sacrificed alternative is called the opportunity cost of an activity. Resources 1. Land includes natural resources, such as mineral deposits, oil, natural gas, water, and actual land acreage. 2. Labor is the effort of workers. 3. Physical capital is manufactured items used to produce other goods and services. 4. Human capital...

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