Normal profit is defined as a(n):
a. foregone percent rate of return.
b. opportunity profit.
c. implicit profit.
d. minimum necessary to keep a firm in operation.
d
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Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to overstate the true extent of joblessness?
A) inflation B) discouraged workers C) counting people as employed who are working part time, although they would prefer to be working full time D) unemployed persons falsely report themselves to be actively looking for a job
The principle of diminishing marginal product states:
A. the total output produced decreases as the quantity of the input increases. B. the total output produced increases as the quantity of the input increases. C. the marginal product of an input decreases as the quantity of the input increases. D. the marginal product of an input eventually will be negative.