Explain what is meant by the terms "labor force," "unemployment rate," and "labor force participation rate."
What will be an ideal response?
The labor force comprises all workers who are currently employed and unemployed workers who are actively looking for work. The unemployment rate is the percentage of the labor force which is unemployed. The labor force participation rate is the percentage of the population over 16 years of age that is in the labor force.
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An externality occurs when ________
A) the quantity demanded of a good exceeds the quantity supplied B) the quantity supplied of a good exceeds the quantity demanded C) the government regulates production and consumption decisions D) an economic activity affects third parties not engaged in the activity
Oligopoly differs from perfect competition and monopolistic competition in that
A) demand and marginal revenue curves are more useful for analyzing oligopoly than they are for analyzing perfect competition and monopolistic competition. B) the concentration ratios of oligopoly industries are lower than they are for perfectly competitive and monopolistically competitive industries. C) barriers to entry are lower in oligopoly industries than they are in perfectly competitive and monopolistically competitive industries. D) because oligopoly firms often react when other firms in their industry change their prices, it is difficult to know what the oligopolist's demand curve looks like.