Economies of scale occur when
a. long-run average total costs rise as output increases.
b. long-run average total costs fall as output increases.
c. average fixed costs are falling.
d. average fixed costs are constant.
b
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Long-run equilibrium under monopolistic competition is similar to long-run equilibrium under perfect competition in that:
a. price equals the minimum average total cost. b. firms face perfectly elastic demand curves. c. price equals average cost d. marginal revenue equals average cost.
Answer the following statements true (T) or false (F)
1. The U.S. unemployment rate excludes unemployed workers who are not actively seeking work. 2. The demand for unskilled workers has been growing as a percent of total U.S. labor force in recent years. 3. A sizable part of increases in the U.S. labor force in the past few decades has been due to the influx of women. 4. Service-oriented jobs make up more than three-quarters of total employment in the U.S. labor force. 5. The number and the percentage of U.S. workers in labor unions have decreased in the past decade.