Suppose John Finishes School and Immediately Gets a Part-Time Job

question 36

Multiple Choice

Suppose John finishes school and immediately gets a part-time job.The measured unemployment rate would

• A)rise because he was not in the labour force when in school.
• B)not change since he is now employed.
• C)fall because he was considered unemployed when in school.
• D)fall because he was not in the labour force when in school.
• E)not change because part-time jobs aren't counted in the labour force.

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Definitions:

Profit-Maximizing

The process or strategy of adjusting production and pricing to achieve the highest possible profit within a market.

ATC

Average Total Cost; this refers to the total cost per unit of output incurred when producing goods or services.

Long-Run Equilibrium

A state in market conditions where all firms in a perfectly competitive industry earn zero economic profit, leading to the optimal distribution of resources in that industry.

MR

Stands for Marginal Revenue, which is the additional revenue gained from selling one more unit of a product or service.