If the wage rate paid in the fast-food outlets in a small town is greater than the reservation wage of all the teenagers in the town and less than the reservation wage of all the adults, then the fast-food outlets will hire ________
A) mostly adults and a few teenagers
B) some adults and some teenagers
C) only adults
D) only teenagers
D
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Define what a firm is and its role in the market
What will be an ideal response?
Refer to Figure 7-1. Suppose the government allows imports of leather footwear into the United States. The market price falls to $24. What area represents consumer surplus?
A) R + S B) V + W + X + Y C) R + S + V D) R + S + T + U
A firm's net worth is calculated as
A) the difference between a firm's revenues and explicit costs. B) the difference between a firm's liabilities and outstanding equities. C) the difference between a firm's assets and liabilities. D) the difference between a firm's revenues and implicit costs.
The Bureau of Labor Statistics divides the adult population into two categories: those who are employed and those who are unemployed
a. True b. False Indicate whether the statement is true or false