Suppose that some country had an adult population of about 46 million, a labor-force participation rate of 75 percent, and an unemployment rate of 8 percent. How many people were employed?
a. 2.76 million
b. 31.74 million
c. 34.5 million
d. 42.32 million
b
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Why must long-run equilibrium in monopolistic competition occur at the point at which the demand curve is tangent to the average total cost curve?
What will be an ideal response?
Which of the following statements is TRUE?
A) A monopoly cannot set price and quantity such that the point lies above the demand curve. B) A monopoly can charge whatever it wants. C) Profit maximization occurs by setting price first. D) Both A and B.
The circular flow diagram divides the economy into:
a. Winners and losers. b. Real sector and nominal sector. c. Domestic sector and foreign sector. d. Agricultural sector and non-agricultural sector. e. Producer sector and consumer sector.
How does increased immigration affect the labor market? How would the equilibrium wage and the equilibrium quantity of labor be affected?