The unemployment rate is the number of unemployed people, expressed as
a. a ratio of total employed to the population.
b. a ratio of unemployed to the total employed.
c. a percentage of the labor force.
d. a percentage of the population.
c
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If the price is less than a perfectly competitive firm's minimum average variable cost, the firm
A) makes an economic profit. B) operates and incurs an economic loss equal to total fixed cost. C) operates and incurs an economic loss equal to average variable cost. D) shuts down and incurs an economic loss equal to total fixed cost. E) shuts down and incurs an economic loss equal to average variable cost.
Generally, economies of scope are present when
A) economies of scale are present in the production of two or more goods. B) economies of scale are constant in the joint production of two products. C) joint output is less from a single firm than could be achieved from two different firms each producing a single product (assuming equivalent production inputs in both situations). D) joint output is greater from a single firm producing two goods than could be achieved by two different firms each producing a single product (assuming equivalent production inputs in both situations).