If the number of unemployed equals 240,000 and the number of employed equals 300,000, the labor-force participation rate
A. is 80%.
B. is 55.6%.
C. is 24%.
D. cannot be determined from this information.
Answer: D
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Perfectly competitive firms are earning economic profits at a market price of $10 and an average total cost of $8. If new firms enter and increase the average total cost for all firms, the market price will ________ until ________.
A) fall; it reaches $8 B) increase; it reaches $10 C) increase; economic profit is equal to zero D) fall; economic profit is equal to zero
A free rider is a person who
a. will only purchase a product on sale. b. receives the benefit of a good but avoids paying for it. c. can produce a good at no cost. d. rides public transit regularly.
Which of the following is NOT a characteristic of a perfectly competitive market?
A. Each firm in the market sells a somewhat different variant of the good. B. There are many sellers, each of which sells only a small fraction of the total quantity exchanged. C. Sellers can easily buy and sell the productive resources needed to enter the market. D. Buyers and sellers are well-informed.
The Framing Gallery frames posters and has total fixed costs of $1,000. The Framing Gallery is currently framing ________ posters if its average variable cost is $20 and its average total cost is $30.
A. 100 B. 5 C. 25 D. an indeterminate number of