Consider the Following People

question 33

Multiple Choice

Consider the following people:
· Chris quits his job as an automobile mechanic to pursue his college education full-time.
· Arrelo is temporarily laid off from her technical support job because of a strike by production workers.
· Schurita graduated from college in May and is currently looking for a job.
· Bo quit his job on September 1 and then, after looking for a new job, will begin his new job on October 1.
· Terri retired from his job on May 1.
· Vicki works part-time at Bainen Press to help pay her college tuition.

-Vicki would be classified as

• A)an involuntary part-time work.
• B)a voluntary part-time worker.
• C)a discouraged worker.
• D)unemployed.
• E)not in the labor force because she is a full-time student.

---

Definitions:

Profit-Maximizing

Profit-Maximizing refers to the point at which a firm achieves the highest possible profit through the manipulation of production or pricing strategies.

MR = MC

A condition in economics where marginal revenue equals marginal cost, often considered the point of profit maximization for firms in perfectly competitive markets.

Short Run

A period in which at least one factor of production is fixed, limiting the ability of firms to adjust to market changes.

Perfectly Competitive Market

A theoretical market structure where many buyers and sellers trade homogeneous products, and no single participant can influence the price.