Jen has a PhD in economics and has been working for 3 years part-time as an instructor; she has always hoped to be hired as a full-time faculty member. The best way to describe Jen is to say she is:
A. unemployed.
B. overemployed.
C. a discouraged worker.
D. underemployed.
Answer: D
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A problem with the CPI is the presence of a substitution bias on the behalf of consumers
Indicate whether the statement is true or false
If large, dominant firms tend to be more successful and last longer than small, non-dominant firms, it would be because:
A) the large firm can dictate what it wants to consumers and to its suppliers. B) the large, dominant firm is able to offer more products at lower prices. C) the large, dominant firm has an advantage in its costs or in being able to meet customer wants. D) the small firm is a risk-taker and typically is not around for long. E) the small firm can never compete with the large firm.
Total Revenue (TR) =
What will be an ideal response?
The above figure shows the demand and cost curves facing a monopoly. The deadweight loss of this monopoly is
A) $100. B) $250. C) $1,250. D) $2,500.