The evidence shows that in 1860–1910
(a) population and annual hours worked grew more rapidly than did the employed labor force.
(b) population grew more rapidly than the labor force, but annual hours worked grew less rapidly.
(c) population grew less rapidly than did the employed labor force, and the work day shortened.
(d) population, productivity and the work day grew less rapidly than did the employed labor force.
(c)
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What is always true at the quantity at which average total cost equals average revenue?
a. economic profit is zero b. marginal cost equals marginal revenue c. economic profit is maximized d. revenue is maximized e. cost is minimized
The average price of goods and services in the economy is also known as
A) the price level. B) the inflation rate. C) a market basket. D) the cost of living.