The participation rate is the number of people:
A. employed and unemployed divided by the population aged 16 years and older.
B. employed divided by the population aged 16 years and older.
C. employed and unemployed divided by the labor force.
D. employed divided by the labor force.
Answer: A
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The price elastic portion of the linear demand curve lies:
a. b and c. b. above the point of unit elasticity. c. anywhere to the left of current market prices. d. below the point where total revenue is maximized. e. at the intersection with the supply curve.
When practicing price discrimination, a firm can increase its revenue by:
a. charging a higher price to the customers with a more inelastic demand. b. charging a higher price to the customers with a perfectly elastic demand. c. supplying more in a market with a more inelastic demand. d. supplying less in a market with lower elasticity of demand. e. charging a lower price in a market dominated by wealthy consumers.
Total fixed cost (TFC):
A. varies directly with total output. B. falls continuously as total output expands. C. does not change as total output increases or decreases. D. falls as the firm expands output from zero, but eventually rises.
The lower the price of medical care in general, the higher the ____________________________ medical care and the ______________________ specific items that make up medical care (such as x-rays). The result will be a _______________ price for the specific items that make up medical care
A) quantity demanded of; higher the demand for; higher B) demand for; higher the demand for; higher C) quantity demanded of; lower the demand for; lower D) demand for; higher the quantity demanded of; higher