In the classical long-run model,
a. we focus on labor resources, rather than capital or land
b. we study thousands of different resource markets
c. we concentrate our attention on three resource markets: land, labor, and capital
d. we focus on two markets: households and firms
e. the number of variables we include depends upon whether we are focusing on the short run or the long run
A
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Perfect competition ________ a fair outcome ________
A) achieves; because both the fair rules and fair results conditions are met B) achieves; because total surplus is maximized C) does not achieve; because entrepreneurs only earn a normal profit D) does not achieve; because firms must be price takers E) may achieve; if average total costs are minimized
The total civilian labor force is comprised of
A) the unemployed and the employed. B) only the employed. C) all individuals over 16 years of age, whether or not they work or are seeking work. D) only full-time employed individuals between the ages of 18 and 55.