On balance, markets do some things very well, and some things poorly.

Refer to Table 9-1. The labor force participation rate for this simple economy equals

A) (1,100/20,000 ) × 100. B) (1,000/15,000 ) × 100. C) (1,100/15,000 ) × 100. D) (1,000/1,100 ) × 100.

The market demand curve in perfect competition is found by

A) horizontally summing the supply curves of the individual firms in the industry. B) horizontally summing the demand curves of the individual consumers. C) utility maximizing behavior of the "representative consumer." D) the interaction of supply and demand at the individual firm and consumer levels.