To be unemployed, a person must be without a job and actively looking for work.

What is meant by producer surplus? How is producer surplus in a competitive market calculated?

What will be an ideal response?

Maximum likelihood estimation yields the values of the coefficients that

A) minimize the sum of squared prediction errors. B) maximize the likelihood function. C) come from a probability distribution and hence have to be positive. D) are typically larger than those from OLS estimation.