The unemployment rate equals the number of persons:
A. unemployed divided by the number employed.
B. unemployed divided by the number in the labor force.
C. unemployed divided by the population age 16 and over.
D. not working divided by the population age 16 and over.
Answer: B
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The formula used for calculating the total profit of a monopolistic competitor is ________
A) (Price - Average Total Cost) × Quantity B) Price - Marginal Cost C) (Price- Average Total Cost) / Quantity D) (Price -Average variable cost)
If a firm did not have any fixed costs at all, then the ATC curve would be
a. the same as the AVC curve. b. horizontal. c. positive and linear. d. none of these.
If a person wishes to maximize their satisfaction from the consumption of a free product, they should consume until
A. marginal utility is maximized. B. marginal utility is equal to total utility. C. total utility is equal to zero. D. marginal utility is equal to zero.
Assume the price of product Y (the quantity of which is on the vertical axis) is $15 and the price of product X (the quantity of which is on the horizontal axis) is $3. Also assume that money income is $60. The absolute value of the slope of the resulting budget line is
What will be an ideal response?