Martha quits a minimum-wage part-time job for a salaried full-time job. The BLS will count Martha as
A) originally unemployed but now employed.
B) originally employed and continuing to be employed.
C) originally a discouraged worker but now happily employed.
D) any of the above.
B
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The prices that are in the public's best interest will
a. always allow the regulated firm to break even. b. always allow the regulated firm to make positive economic profits. c. sometimes leave the regulated firm with economic losses. d. leave the regulated firm with profits that are about 10 percent higher than those of other firms.
Sellers in competitive price-searcher markets
a. face competition both from existing firms and potential new entrants. b. face competition from existing firms but not from potential new entrants. c. face competition only from potential new entrants and only in the long run. d. can compete only by product quality since product prices are set by market forces.
In the 1980s, the dangerous Ebola virus entered the United States through contaminated monkeys that were imported for use in medical experiments. Suppose this virus had not been contained but had spread to the general population. Assume that the virus is lethal in half of the people who are exposed to it. Describe the resulting effect on labor productivity
According to the search model developed by Stigler, when there are search costs, sellers know that consumers are becoming acquainted with product quality, and consequently all sellers set the same quality. In contrast if there are no search costs, product quality differences can persist over time, even for identically priced products
Indicate whether the statement is true or false