The unemployment rate is measured as
A) the number of people that want to work but cannot find jobs out of the entire population.
B) the percentage of people in the labor force who are unemployed.
C) an indicator to determine long-term economic growth.
D) an indicator for potential inflation.
B
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A monopolist faces a demand curve given by P = 20 - Q and has total costs given by TC = Q2. By using a bit of calculus, you should be able to determine that the firm's marginal revenue is MR = 20 - 2Q and its marginal cost is MC = 2Q. Now suppose that the country in which this monopolist is located decides to engage in international trade. The world price of the product produced by the monopolist is $12. The profit-maximizing output level is 6, and the profit-maximizing price equals $12. What are its monopoly profits at this price and quantity?
a. $25 b. $36 c. $50 d. $75
The way we know what commodities are relatively scarce or abundant is through
A) transaction costs. B) prices. C) price ceilings. D) price floors.