If the number of employed workers in an economy is 8 million, the number of potential workers in the economy is 12 million, and the number of adults not in the labor force is 1 million, the number of unemployed people in the economy will equal:

The long run is a period of

a. at least one year. b. sufficient length to allow a firm to expand output by hiring additional workers. c. sufficient length to allow a firm to alter its plant size and capacity and all other factors of production. d. sufficient length to allow a firm to transform economic losses into economic profits by hiring better workers.

Which of the following is not true for a profit maximizing single-price monopolist in the long run?

A. Demand is inelastic. B. Marginal revenue equals marginal cost. C. Price is greater than marginal revenue. D. It will make profit or break even.