Which one of the following would be classified as employed?
a. a parent who works 50 to 60 hours per week caring for family members
b. an construction worker vacationing in Florida who is on layoff due to bad weather conditions in his home state
c. a 21-year-old full-time college student
d. a 17-year-old high school student who works a newspaper route six hours per week
D
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Suppose a firm operates in the short run at a price above its average total cost of production. In the long run the firm should expect
a. new firms to enter the market. b. the market price to fall. c. its profits to fall. d. All of the above are correct.
Holding all else constant, higher prices will:
A. decrease the Lerner index. B. increase or decrease the Lerner index depending on the relative magnitude of the price increase. C. increase the Lerner index. D. have no impact on the Lerner index.