A monopoly's economic profits are represented by
a. [price minus marginal cost] times number of units sold.
b. [price minus average cost] times number of units sold.
c. [marginal revenue minus price] times number of units sold.
d. [marginal cost minus price] times number of units sold.
b
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Use the following information to answer the next question.The following items describe the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment.Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month but still has not gotten a job offer.George used to work in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in a few months when national economic conditions improve.Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the Federal government cut defense spending. She has been looking for similar work for a year but no company seems interested in
her aircraft design skills.Ricardo lost his job last year when his company downsized and laid off middle-level managers. He tried to find another job for a year but was unsuccessful and quit looking for work.Which individual would be classified as a discouraged worker? A. Jeanette B. Ricardo C. George D. Mollie
As the income of an individual increases, he can afford more leisure. This refers to the ________ of a wage increase
A) income effect B) substitution effect C) transformation effect D) opportunity cost effect
The classical model is a model in which
a. governmental policies are needed to ensure full employment. b. wages and prices are perfectly flexible. c. the public has perfect information. d. None of the above e. b and c
Using the expenditure method to estimate GDP, we would include:
A. consumption, investment, government purchases, and net exports. B. consumption, government revenues, durable goods, and net exports. C. consumption, investment, government purchases, and exports. D. consumption, investment, government purchases, and imports.