Involuntary part-time workers are:
A. chronically unemployed.
B. not counted as unemployed.
C. short-term unemployed workers.
D. considered out of the labor force.
Answer: B
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Suppose a firm has one variable input, labor. Why is the MRPL curve for a competitive firm above the MRPL curve for a monopolist?
A) Without competition from other firms, monopolies are less efficient and the marginal product of labor is lower at each level of output. B) Although the marginal product of labor may be the same under both market structures, the marginal revenue of the monopoly declines with output. C) Monopolists have less incentive to invest in worker training and other methods for improving labor productivity, so the marginal product of labor is lower in the monopoly case. D) none of the above
A perfectly elastic demand curve
a. Is a horizontal line parallel to the x axis b. Has an elasticity of demand between 0 and 1 c. Is the demand curve of a product that usually has no substitutes d. None of the above
Which of the following would be considered a one-time expense?
A. Raw materials B. A delivery truck C. Radio ads D. A manager's salary
Who conducted the study in the 1940s that surveyed entrepreneurs to determine whether they used marginal analysis in choosing their production levels?
a. Milton Friedman b. Fritz Machlup c. Michael Kalecki d. Richard Lester e. William Baumol