Growth on a year-to-year basis is called long-term growth.
Answer the following statement true (T) or false (F)
False
Growth on a year-to-year basis is called short-term growth.
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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.
In the one-input model, the marginal cost curve is U-shaped.
Answer the following statement true (T) or false (F)
If a monopolistically competitive firm's marginal cost curve shifts upward, then the amount of output it produces
A) increases. B) stays the same. C) decreases. D) could increase, decrease, or stay the same but more information is needed.
The Stay-Dry Company monopolizes the sale of umbrella hats. The company is currently setting marginal revenue equal to marginal cost and selling 2,500 umbrella hats at a price of $40 each. Total costs for the company are $180,000 of which fixed costs are $90,000. You are hired as an economic consultant to this company. You should advise this monopolist to
A. shut down in the short run but expand capacity in the long run if conditions do not change. B. shut down in the short run and exit the industry in the long run. C. produce in the short run and expand capacity in the long run. D. produce in the short run but exit the industry in the long run if conditions do not change.