The law of demand can be explained as
A) legal reasons people make purchases in the marketplace.
B) people are willing to make limited sacrifices to acquire products.
C) a lot of people wanting the same thing.
D) the higher the price, the smaller the quantity demanded, ceteris paribus.
D
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The term discouraged worker refers to an individual who: a. prefers full-time employment but works only part time
b. has given up looking for a job because he has lost the hope of getting a new job. c. is jobless because of the seasonal nature of his job. d. is jobless because of a recession in the economy.
Which of the following is true for a monopolistically competitive firm in the long run? a. The average cost curve of the firm lies below the marginal cost curve. b. The firm earns zero economic profit
c. The demand curve of the firm coincides with the marginal revenue curve. d. The firm earns positive economic profit.