Assuming capital and labor are substitutes, an improvement in technology that affects only the productivity of capital would cause a firm to employ more capital but leave the amount of labor employed unchanged

Which of the following is the best definition of the unemployment rate?

a. a percentage of people who were recently working but laid off or want to work (willing, able, and searching for work) but without jobs. b. a percentage of people discouraged with the labor market and without work c. a percentage of people not working d. a percentage of people that do not need to work e. a percentage of people willing and able to work

A cartel maximizes industry profit by

a. eliminating quotas b. producing at the kink in its demand curve c. producing where MR = MC d. cutting production costs to become more efficient e. producing more output than a monopoly would