In the long run, if the output of a firm is zero then its total cost will be equal to its total fixed cost

Refer to Table 4-4. What is the equilibrium hourly wage (W*) and the equilibrium quantity of labor (Q*)?

A) W* = $9.00; Q* = 370,000 B) W* = $9.00; Q* = 740,000 C) W* = $8.50; Q* = 380,000 D) W* = $8.50; Q* = 360,000

Suppose that during a given month 200,000 persons who had been self-employed leave their business and get jobs working for other businesses. This will cause

A) the unemployment rate to rise. B) the unemployment rate to fall. C) payroll employment to rise. D) payroll employment to fall. E) no change in either the unemployment rate or payroll employment.