What does market power refer to?
a) the side effects that may occur in a market
b) the government regulations imposed on the sellers in a market
c) the ability to influence price
d) the forces of supply and demand in determining equilibrium price
Ans: c) the ability to influence price
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The relationship between marginal revenue and elasticity is
A) when demand is elastic, marginal revenue is positive and when demand is inelastic, marginal revenue is negative. B) whenever the elasticity is positive, marginal revenue is positive. C) whenever the elasticity is negative, marginal revenue is positive. D) when demand is elastic, marginal revenue is negative and when demand is inelastic, marginal revenue is positive. E) that total revenue equals zero at the quantity for which the demand is unit elastic.
If the number of unemployed workers is 19 million, the number in the working-age population is 500 million, and the unemployment rate is 4%, what is the labor force participation rate?
A) 4.75% B) 7.8% C) 95% D) 96.2%