The U.S. Bureau of Labor Statistics defines the unemployment rate as
a. The percentage of the population who are not working
b. The percentage of people who are looking for their first job
c. The percentage of workers who lose their jobs
d. The percentage of the labor force not employed but actively seeking work in the past 4 weeks
Answer: d. The percentage of the labor force not employed but actively seeking work in the past 4 weeks
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A monopolistically competitive firm finds its profit-maximizing rate of output by equating
A) the marginal revenue of advertising with the marginal cost of advertising. B) average revenue and average total cost. C) price and marginal cost. D) marginal revenue and marginal cost.
Decision makers in oligopolistic firms must devise a strategy. One that yields the highest benefit, regardless of what the other players do is a
A) pricing strategy. B) coherent strategy. C) dominant strategy. D) revenue strategy.