Which of the following is purchased in a factor market?
A. A motorized scooter used for commuting by a student.
B. National defense.
C. A bag of jellybeans.
D. The labor of a state university professor.
Answer: D
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The Bureau of Labor Statistics (BLS) compiles information about employment by
A) performing a census of every household in the nation. B) performing a quarterly survey 6,000,000 households. C) performing a monthly survey of 60,000 households. D) determining the average estimate of labor market specialists around the nation. E) contacting each of the 50 states' Departments of Labor.
With price leadership,
a. price equals marginal cost b. the industry output is generally greater than a competitive industry c. prices are set by explicit collusion d. firms price discriminate among different classes of customers e. there is no formal agreement regarding prices