Elasticity has which special meaning for economists?
a. b and c.
b. A ratio of percentage changes.
c. How easily prices adjust to market changes.
d. How price changes as quantities demanded change.
e. When consumers will no longer react to price changes.
b
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The marginal revenue product of labor is
a. how much labor can be purchased with the revenue from the sale of one more unit of the good b. how much the marginal revenue changes when you add more labor c. the same as the marginal revenue product of capital when the markets for labor and capital are in equilibrium d. determined by the wage rate e. the contribution to total revenue made by the marginal laborer
The Bureau of Labor Statistics does not count discouraged workers as unemployed. Suppose discouraged workers were counted as unemployed. Explain how the unemployment rate and the labor force participation rate would change
What will be an ideal response?