Use the following statements to answer this question:
I. If the extent of a market is broader, it is less likely that firms in the market can influence the market price.
II. In determining whether two different products belong to the same market, it is necessary to know whether the two products can be used as substitutes for each other.
A. I and II are both true.
B. I is true, and II is false.
C. I and II are both false.
D. I and II are both false.
A. I and II are both true.
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"Demand" is best defined as the relationship between:
A) the price of a good and the quantity consumers are willing and able to buy at each price level. B) the current price of a good and the quantity demanded at that price. C) the quantity supplied and the price people are willing to pay for a good. D) the amount of income someone has and the price he is willing to pay for a good.
Suppose that some country had an adult population of about 46 million, a labor-force participation rate of 75 percent, and an unemployment rate of 8 percent. How many people were employed?
a. 2.76 million b. 31.74 million c. 34.5 million d. 42.32 million