Which one of these groups is counted among the unemployed?
A. Discouraged workers
B. People collecting unemployment benefits
C. People working part time
D. People out of the labor force
B. People collecting unemployment benefits
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"Rent seeking" describes the search and battle for opportunities to collect economic rents
a. True b. False Indicate whether the statement is true or false
For a monopoly firm, the shape and position of the demand curve play a role in determining the (i) profit-maximizing price. (ii) shape and position of the marginal-cost curve. (iii) shape and position of the marginal-revenue curve
a. (i) and (ii) only b. (ii) and (iii) only c. (i) and (iii) only d. (i), (ii), and (iii)
Total costs divided by output equals ______.
Fill in the blank(s) with the appropriate word(s).
The evidence on the potential for input substitution in the service sector suggests that:
A) there may be more opportunities for input substitution than was previously thought, especially in areas such as health care, financial services, and the even the fine arts. B) the traditional view that the potential for input substitution is extremely limited is correct. C) while one or two areas of the service sector may see a small amount of input substitution, most areas will see little or none. D) input substitution will only be feasible so long as the production process requires a relatively small amount of labor to begin with.