On average, college graduates earn significantly more income than those with less education and the disparity tends to widen into middle age
a. True
b. False
A
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In the short run, for a firm in monopolistic competition
A) the firm's economic profit must equal zero. B) marginal revenue exceeds marginal cost. C) price exceeds marginal cost. D) the firm is a price taker.
Due to low interest rates, increased banking regulations, and technological change, JPMorgan Chase announced it would ________ the number of persons it employed in 2015 and this would ________ the total number of persons unemployed in the economy
A) decrease; increase B) increase; decrease C) decrease; decrease D) increase; increase
Suppose a firm is making zero long run profit. Then it's short run profit cannot be negative.
Answer the following statement true (T) or false (F)
A market failure is a situation in which
A) resources are being efficiently allocated, but some companies are forced to shut down. B) the market equilibrium leads to either too many or too few resources going towards producing the good or service. C) the government must take actions to correct the failures of the market in a particular industry. D) there is no free entry or exit into an industry.