The Labor Force Is the Sum of

question 234

Multiple Choice

The labor force is the sum of

• A)employed workers and discouraged workers.
• B)employed workers and unemployed workers.
• C)employed workers and individuals not looking for work.
• D)employed workers and the working age population.
• E)unemployed workers and the working age population.

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Definitions:

Long Run

The long run is a period in economics where all inputs or factors of production can be varied, allowing firms to adjust fully to market conditions.

Economic Profit

The split between total revenue generation and total cost accrual, encompassing both declared and understood costs.

Long-Run Adjustments

Adjustments that firms make over a period where all inputs can be varied, and there are no fixed factors of production.

Industry Supply

The total output of a particular good or service that all producers in the market are willing and able to sell at a given price level, over a specific time period.