A person who has given up searching for work is called:
a. frictionally unemployed.
b. structurally unemployed.
c. a discouraged worker.
d. unemployed.
c
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In economic theory, we assume that the goal of the firm is to:
a. maximize sales revenue. b. maximize market share. c. maximize the benefits it provides to its customers. d. maximize the profit. e. maximize the sales volume.
When marginal revenue equals marginal cost, the firm
a. should increase the level of production to maximize its profit. b. may be minimizing its losses rather than maximizing its profit. c. must be generating positive economic profits. d. must be generating positive accounting profits.
In the United States, some state governments set tiered prices for electricity. These tiered prices lead to budget lines that are:
A. upward-sloping. B. kinked. C. horizontal at a specific level of electricity consumption. D. vertical at a specific level of electricity consumption.
Suppose the domestic supply (QS) and demand (QD) for MP3 players in the United States is represented by the following set of equations:QS = -25 + 10PQD = 875 - 5PIn the absence of international trade in MP3 players, what will be the price of MP3 players in the United States?
A. $65 B. $70 C. $60 D. $90