Which categories of people are excluded while estimating the number of potential workers in the United States?
What will be an ideal response?
There are three categories of people who are excluded while estimating the number of potential adult workers in the United States. These are:
a) Children under 16 years of age
b) People on active duty in the military
c) Institutionalized people
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According to the text, in the absence of uncertainty, no one can obtain a profit from the exclusive ownership of a scarce resource, such as a patent or a franchise, because
A) demand curves will be perfectly elastic. B) marginal cost will equal marginal revenue. C) profit requires active production rather than static ownership. D) the cost of retaining ownership will rise to eliminate any profit. E) the tax on capital gains will eliminate any profit.
In the case of a linear demand function, the marginal revenue function is twice as steep as the demand function
Indicate whether the statement is true or false
Fixed costs are
a. costs that vary with output b. equal marginal costs c. costs that do not vary with output d. equal to total costs
Land of Many Lakes (LML) sells butter to a broker in Albert Lea, Minnesota. Because the market for butter is generally considered to be competitive, LML does not choose the
a. quantity of butter to produce. b. price at which it sells its butter. c. profits it earns. d. All of the above are correct.