The term "unemployment" is best described as the total number of
A) adults who are looking for work but have not found a job.
B) people not working.
C) adults who work fewer hours than they wish to work.
D) people who have been laid off and have stopped looking for work.
A
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In the long run, a monopolistically competitive firm
A) earns zero economic profit. B) produces at minimum average cost. C) operates at full capacity. D) All of the above.
Which of the following statements concerning the slope and price elasticity of demand along a straight-line demand curve is correct?
a. Slope measures the change in quantity resulting from a one-dollar change in price. b. Elasticity measures the percent change in price resulting from a one-percent change in quantity demanded. c. Slope measures the dollar change in price for a one-unit change in quantity demanded. d. Elasticity measures the unit change in quantity demanded resulting from a one-dollar change in price. e. Slope measures the percent change in price resulting from a one-percent change in quantity demanded.