The condition for profit-maximization for competitive firms and monopolies is the same: marginal revenue equals marginal cost. Hence, monopolies are efficient.
Answer the following statement true (T) or false (F)
False
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Which of the following are components of economic growth
a. growth in labor force. b. technological progress. c. investment. d. all of the above.
Social Security and Medicare, programs that benefit the elderly primarily, make up the greatest share of federal redistribution programs since 1962
a. True b. False
The intersection of the market demand for labor and the market supply for labor determines the equilibrium wage rate
a. True b. False Indicate whether the statement is true or false
The type of unemployment resulting from the fact that labor market information is less than perfect is called
a. frictional unemployment. b. natural unemployment. c. cyclical unemployment. d. structural unemployment.