If a firm sells its output at a price greater than AC, it will earn economic profit
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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How does the natural unemployment rate change and what factors might make it change?
What will be an ideal response?
Economics
Suppose a country has 1 billion people. 75 percent of its citizens are in the labor force, with 90 million unemployed. Full employment occurs at 2 percent. Based on this information, by what percentage has real output failed to reach its potential according to the revised Okun's Law?
A. 12 percent. B. 2 percent. C. 24 percent. D. 10 percent.
Economics