All of the following are characteristics of long-run equilibrium for firms in a monopolistically competitive market except:
A) price equals marginal cost.
B) price equals average total cost.
C) marginal cost equals marginal revenue.
D) price exceeds the minimum of average total cost.
A
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George believes that the inflation in this year will be around 9% because it was around 9% in the previous year. George can be said to have:
A) rational expectations. B) marginal expectations. C) adaptive expectations. D) composite expectations.
Sasha has a master's degree in writing, and currently works full-time as a 2nd grade classroom helper. She submits articles for the local paper on occasion, and gets paid only when the editor agrees to publish a submission. Sasha would love to be a full-time reporter. The best way to describe Sasha is to say she is ________________; the Bureau of Labor Statistics would count Sasha as ____________.
A. underemployed; employed B. employed; employed C. discouraged; underemployed D. underemployed; underemployed