Of the 500,000 people (age 16+) in a particular country, 300,000 people are in the labor force. Of these, 240,000 are employed and 60,000 are unemployed. What is the unemployment rate?
A. 35%
B. 40%
C. 20%
D. 10%
E. 30%
Answer: C
Economics
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Lynne teaches violin lessons. She charges $10 for each lesson. Her marginal cost per lesson is $4, and her ATC per lesson is also $4 . If she can increase the number of lessons she teaches and still charge $10 per lesson, should she? How will she know when she is maximizing her profit?
Economics
If the wage rate is fixed, MLC > wage
Indicate whether the statement is true or false
Economics
Which of the following is an example of tacit collusion?
A. OPEC B. Copper cartel C. Price leadership D. Government franchise granted to a utility
Economics
A firm's short-run supply curve is its marginal cost curve above its average variable cost curve.
Answer the following statement true (T) or false (F)
Economics