Michal Levhari lost her job when Intel closed its local plant. She has been visiting the personnel offices of the other factories in the area, looking for a new job. She is regarded as being
a. a member of the labor force who is theoretically employed
b. a member of the labor force who is unemployed
c. a member of the labor force who is underemployed
d. a discouraged worker who is not a member of the labor force
e. not a member of the labor force
B
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To maximize its profit, a firm will hire more workers as long as
A) marginal revenue exceeds the wage rate. B) marginal revenue is less than the wage rate. C) value of marginal product exceeds the wage rate. D) marginal product exceeds the wage rate.
Economists try to address their subject with a scientist's objectivity
a. True b. False Indicate whether the statement is true or false
If economists wanted to measure the net gain in economic well-being to producers, they would refer to ______.
a. producer surplus b. consumer surplus c. market price d. deadweight loss
What is the shape of the long-run supply curve in a constant-cost industry?
A. horizontal B. downward sloping C. vertical D. upward sloping