Refer to the table. For each of the 100 firms in this industry, marginal revenue and total revenue will be:
A. $4 and $400, respectively.
B. $3 and $30,000, respectively.
C. $4 and $20,000, respectively.
D. $3 and $18,000, respectively.
D. $3 and $18,000, respectively.
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Which group tends to have the highest unemployment rate in the United States?
A. Whites B. women C. Hispanics D. men E. Blacks
New entrants to the labor force usually account for around ________ percent of the unemployed.
A. 5 B. 25 C. 10 D. 20
Refer to the information provided in Figure 12.4 below to answer the question(s) that follow.
Figure 12.4There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S0 and D0.Refer to Figure 12.4. Assume consumer preference changes toward X and away from Y. Ceteris paribus, the likely change in capital flows in sectors X and Y will eventually________ in industry X and ________ in industry Y.
A. decrease the price to P0; decrease the price to P1 B. increase the price to P1; decrease the price to P1 C. increase the price to P1; increase the price to P0 D. decrease the price to P0; increase the price to P0
The term "opportunity cost" points out that
A) there may be such a thing as a free lunch. B) not all individuals will make the most of life's opportunities because some will fail to achieve their goals. C) executives do not always recognize opportunities for profit as quickly as they should. D) any decision regarding the use of a resource involves a costly choice.