A firm in a perfectly competitive industry is a
A) price taker.
B) quantity taker.
C) quality maker.
D) price maker.
Ans: A) price taker.
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According to the Bureau of Labor Statistics, if you voluntarily leave your job to search for another job, then you
A) are eligible for unemployment compensation. B) are classified as a job loser. C) are classified as unemployed. D) may not re-enter the labor force for six months.
Refer to Figure 5-4. What does S2 represent?
A) the market supply curve that reflects external cost B) the market supply curve that reflects social benefit C) the market supply curve that reflect private cost D) the market supply curve that reflects social cost
The labor force equals the number of people
A) in the working-age population. B) employed. C) unemployed. D) employed plus unemployed.
Per-unit taxes have which effect on the equilibrium price of a good?
a. They cause demand curves to shift downward, thus lowering price. b. They cause demand curves to shift downward, thus raising price. c. They cause supply curves to shift downward, thus lowering price. d. They cause supply curves to shift upward, thus lowering price. e. They cause supply curves to shift upward, thus raising price.