Economists regard people who work below their potential as being
a. underemployed
b. unemployed
c. as economically efficient as possible
d. without human capital
e. employed, but a contributor to long-run unemployment
A
Economics
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Diminishing returns means that
A) each additional unit of labor produces successively more real GDP. B) hiring more labor must lower the real wage rate. C) each extra unit of real GDP produced requires less labor. D) hiring more labor results in less real GDP. E) each additional unit of labor produces successively less real GDP.
Economics
Consider a firm operating in a competitive market. The firm is producing 40 units of output, has an average total cost of production equal to $6, and is earning $240 economic profit in the short run. What is the current market price?
a. $0 b. $6 c. $10 d. $12
Economics