The term "underemployed" is used to describe an individual who:
a. prefers full-time employment but works only part time
b. has given up looking for a job because he is discouraged about his prospects.
c. is jobless because of the seasonal nature of his job.
d. is jobless due to a recession in the economy.
a
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In the short run, we assume that the number of firms in a perfectly competitive market:
A. varies if perfect information is present. B. varies more than the long-run equilibrium. C. is fixed. D. is equal to the number of firms in the long-run.
Suppose a tax of $3 per unit is imposed on a good. The supply curve is a typical upward-sloping straight line, and the demand curve is a typical downward-sloping straight line. The tax decreases consumer surplus by $3,900 and decreases producer surplus by $3,000 . The tax generates tax revenue of $6,000 . The tax decreased the equilibrium quantity of the good from
a. 2,000 to 1,500. b. 2,400 to 2,000. c. 2,600 to 2,000. d. 3,000 to 2,400.
contracts
What will be an ideal response?
Average total costs are minimized when:
A. marginal costs begin to increase. B. marginal costs begin to decrease. C. marginal cost is greater than average total cost. D. marginal cost equals average total cost.