Kathryn chooses to go to college full-time rather than to work. Kathryn:
a. is not part of the labor force
b. is part of the labor force and what economists call a discouraged worker.
c. is part of the labor force, but not actively seeking work.
d. is considered employed.
a
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Suppose the equilibrium price in a perfectly competitive industry is $10 and a firm in the industry charges $9 . Which of the following will happen?
a. The firm will not sell any output. b. The firm will sell less output than its competitors. c. The firm will make more profit than it could at the $10 price. d. The firm will make less profit than it could at the $10 price. e. The firm's revenue will increase and its costs may decrease.
An information product is a product for which
A) the first item is produced inexpensively but additional units are more costly to produce. B) the first unit is very costly to make but additional units are less costly to produce. C) the marginal cost first falls and then rises but the average total cost rises throughout its range. D) the average fixed cost first falls and then rises, but the average total cost falls throughout its range.