For a firm in a perfectly competitive market, a price decrease:
A. increases the profit-maximizing quantity.
B. lowers the profit-maximizing quantity.
C. is unrelated to the profit-maximizing quantity.
D. signifies the firm should leave the market.
B. lowers the profit-maximizing quantity.
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Moe and Curley have identical skills. Their jobs are identical, except Moe's job provides more on-the-job training experiences than does Curley's job. Who will have the higher observed wage rate?
a. Moe's wage rate will be higher than Curley's. b. Curley's wage rate will be higher than Moe's. c. Moe and Curley will be paid the same wage rate. d. There is insufficient information to determine who will be paid the higher wage.
Look at the following data: Total population = 230 million; employed persons = 80 million; unemployed persons = 8 million. The unemployment rate is approximately __________ and the employment rate __________
A) 9.1 percent; cannot be determined B) 10 percent; is 90 percent C) 8.2 percent; is 34 percent D) 11 percent; is 38 percent E) 9.1 percent; 90.9 percent
An improvement in technology will cause the
A. economy to move down the production possibility frontier. B. production possibility frontier to shift inward. C. production possibility frontier to shift outward. D. economy to move closer to its production possibility frontier.
Why should we be concerned with inequality among those above the poverty line?
What will be an ideal response?