Based on the information in the above table, what is the unemployment rate?
What will be an ideal response?
The unemployment rate equals (6 million unemployed ÷ 139 million labor force) × 100 = 4.3 percent.
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A market structure in which there are many firms selling products that are similar but not identical is known as
a. oligopoly. b. monopoly. c. monopolistic competition. d. perfect competition.
Refer to Figure 2.1 below. At a price of $70, the consumer surplus equals
A. $5,000,000. B. $6,000,000. C. $8,000,000. D. $10,000,000.
Answer the following statement true (T) or false (F)
1) Indifference curves are linear and budget lines are convex to the origin. 2) Graphically, the consumer maximizes total utility where the budget line is tangent to an indifference curve. 3) In drawing a particular budget line, money income and the prices of the two products are fixed. 4) With a fixed money income, an increase in the price of one good and a decrease in the price of the other will cause the new budget line to intersect the original budget line. 5) In moving northeasterly from the origin, we encounter indifference curves that reflect higher and higher levels of total utility.
If the price is between $130 and $145, what will the firm do (a) in the short run? (b) in the long run?
