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
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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
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.
Large family size by itself creates very little new poverty
Indicate whether the statement is true or false
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.