Suppose the working-age population is 500 million, the labor force is 200 million, and the unemployment rate is 15 percent. The number of unemployed people is
A) 30 million.
B) 75 million.
C) 45 million.
D) 105 million.
E) 15 million.
A
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The product supplied by a monopoly firm has
a. a few substitutes. b. no close substitutes. c. a large number of substitutes. d. two or three close substitutes.
Like competitive firms, monopolies choose to produce a quantity in which marginal revenue equals marginal cost
a. True b. False Indicate whether the statement is true or false
Monopolistically competitive firms have excess capacity. To maximize profits, firms will
a. increase their output to lower their average total cost of production and eliminate the excess capacity. b. produce where price equals marginal cost to eliminate the excess capacity. c. produce where average revenue equals marginal cost to eliminate the excess capacity. d. maintain the excess capacity.
Refer to the information provided in Figure 15.5 below to answer the question(s) that follow. 
Figure 15.5 Refer to Figure 15.5. In the long run in this monopolistically competitive industry,
A. some firms will enter the industry and industry profits will increase. B. some firms will leave the industry until the remaining firms break even economically. C. product supply will increase so prices will go up. D. all firms will leave the industry.