The Labor Force Is the

question 21

Multiple Choice

The labor force is the

• A)number of employed people plus the number of unemployed people.
• B)total population divided by the number of employed people.
• C)number of employed people in the working-age population.
• D)working-age population minus the number of unemployed people.
• E)number of employed people minus the number of unemployed people.

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Definitions:

Average Total Cost

The total cost divided by the number of units produced, calculating the cost to produce an average unit of output.

Chairs

Objects designed for seating, typically consisting of a seat, back, legs, and sometimes armrests, used for various purposes including dining and office work.

MC

Short for Marginal Cost, it is the change in total cost that arises when the quantity produced is incremented by one unit; it is the cost of producing one more unit of a good.

AVC

Average Variable Cost, the cost of labor or material that changes with the level of output or production.