When the wage is above the equilibrium level,

a. the labor market is functioning more efficiently than it otherwise would function.
b. there is a shortage of labor.
c. the quantity of labor supplied exceeds the quantity of labor demanded.
d. job search is the primary explanation for the unemployment that is observed.


c

Economics

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Large family size by itself creates very little new poverty

Indicate whether the statement is true or false

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An estimator is

A) an estimate. B) a formula that gives an efficient guess of the true population value. C) a random variable. D) a nonrandom number.

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It is easy to discern the difference between vigorous competition and the exercise of monopoly power

a. True b. False Indicate whether the statement is true or false

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The possession of monopoly power and the willful acquisition of that power is

A. defined by the Supreme Court as monopolization. B. not defined as monopolization until a statement about profits is included. C. not the definition of monopolization. D. defined in the Sherman Antitrust Act as monopolization.

Economics