Convention costs that are often waived by hotels (as long as an association spends a predetermined amount) are:

Many economists view the natural rate of unemployment as the level observed when real gdp is given by the position of the long-run aggregate supply curve there can be positive unemployment in this situation because a. corporations need the presence of some unemployment to keep workers "in line." b. business cycles are an inherent feature of the economy causing cyclical unemployment to naturally occur. c. in a free society some people will always prefer idleness over work. d. information is costly and rigidities always exist causing some types of unemployment (frictional and structural) to occur even in the long run after everyone in the economy has fully adjusted to any changes.