Which of the following demographic groups in the U.S. has the highest unemployment rates?
A. college graduates
B. white working-age people
C. African-American teenage males
D. all working-age people with a high school diploma but no college
Answer: C
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If marginal benefit is greater than marginal cost, output is inefficiently high
Indicate whether the statement is true or false
Suppose we plot the total revenue curve with quantity on the horizontal axis and revenue on the vertical axis (as in Figure 8.1 in the book). Under price-taking behavior, the total revenue curve should be:
A) an inverted U-shaped curve (first increasing and then decreasing). B) a U-shaped curve (first decreasing and then increasing). C) a horizontal line with vertical axis intercept equal to the market price. D) a straight line from the origin with slope equal to the market price.