In an economy, 40 million people are employed, 2 million are unemployed, and 8 million are not in the labor force. What is the labor force participation rate?

A firm producing bottled water reports the following production information:

# of Workers Total Product (gallons of water per hour) 0 0 10 1750 20 2750 30 3550 40 4150 50 4550 60 4750 The bottled water sells in a competitive market at a price of 10 cents per gallon. The firm hires workers in a competitive labor market at a wage of $7 per hour. The firm is currently hiring 20 workers and is considering hiring another 10 . What would you recommend the firm do? Why?

If the goal of the union is to maximize member income, then

A) a wage rate will be set in the inelastic portion of the demand curve. B) a wage rate will be set at the point at which the elasticity of demand equals 1 and marginal revenue is positive. C) a wage rate will be set at the point at which marginal revenue equal zero. D) the supply of labor must be inelastic.