A corrective tax can improve upon the misallocation of resources resulting from an externality _____

If a person is laid off from a job, he is considered by the Bureau of Labor Statistics to be a

A) job leaver. B) reentrant. C) job loser. D) new entrant.

In the short run, a firm will

A) not produce if its total revenue does not cover its total cost. B) produce and incur an economic loss if its total revenue covers its total variable cost but not its total cost. C) produce and break even if its total revenue covers its total fixed cost but not its total variable cost. D) produce and earn an economic profit if its total revenue is equal to its total cost.