When price is below the equilibrium level, there is a shortage of the commodity being sold.
Answer the following statement true (T) or false (F)
True
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Using the table above, the labor participation rate is
A) 67 percent. B) 48 percent. C) 75 percent. D) 83 percent. E) 40 percent.
Using Figure 3 below, suppose that the economy was at Y3. This level of GDP would be considered:
A. inflationary.
B. recessionary.
C. a long run level of output.
D. a natural rate of output.
Entry barriers can lead to long-run economic profits.
Answer the following statement true (T) or false (F)
Which of the following statements is not correct?
a. Part of the deadweight loss associated with monopoly is measured by the monopolist's economic profit. b. Marginal cost is always less than average total cost in a natural monopoly. c. Discount coupons available free to the public are a type of price discrimination. d. Anti-trust laws make it harder for firms to create synergies.