Assuming Everyone in the Question Below Is in the Adult

question 82

Multiple Choice

Assuming everyone in the question below is in the adult population,which of the following is not correct?

• A)Elmo works part time as a baby sitter.The BLS counts him as employed and in the labor force.
• B)Anna is a full-time student not looking for a job.The BLS counts her as unemployed and in the labor force.
• C)Jim is on temporary layoff.The BLS counts him as unemployed and part of the labor force.
• D)Liz is seeking work, but has not found it.The BLS counts her as unemployed and in the labor force.

---

Definitions:

Market Price

The actual selling price of a good or service in the marketplace at which buyers and sellers conduct transactions.

Total Revenue

The total income a firm receives from the sales of its products or services before any expenses are subtracted.

Economic Profit

The difference between a firm's total revenue and its opportunity costs, including both explicit and implicit costs.

Profit-maximizing

The process or strategy aiming to achieve the highest possible profit from business operations, often involving adjusting prices, output, and costs.