An example of a person who is counted as unemployed is a:
A. retired worker below the mandatory retirement age.
B. part-time worker who would like to work full-time.
C. senator who resigns her job to run for president.
D. student going to school full-time.
Ans: C. senator who resigns her job to run for president.
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The above figure shows a labor market with minimum wage equal to $16. In this figure, after taking account of search costs, what area equals the workers' surplus?
A) area A B) area B C) area C D) area D E) area E
The relationship between professional basketball players and the owners' association is an example of a bilateral monopoly
a. True b. False Indicate whether the statement is true or false
Consider the purely competitive firm pictured below. The firm is earning:
A. Normal profits, since its price is above AVC
B. Economic profits, since its price is above AVC
C. Normal profits, since its price just covers ATC
D. Losses, since it is operating at the shutdown point
An decrease in equilibrium quantity would result from
A. an increase in demand with no change in supply. B. a decrease in supply with no change in demand. C. a decrease in demand with no change in supply. D. both a decrease in supply with no change in demand and a decrease in demand with no change in supply.