According to 2009 Data on the U

question 356

Multiple Choice

According to 2009 data on the U.S. population, which of the following groups of teenagers (ages 16-19) had the lowest labor-force participation rate?

• A)white males
• B)white females
• C)black males
• D)black females

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Definitions:

Factor Price

The price paid for the use of a factor of production such as labor, capital, or land.

Factor Demand

Refers to the demand for resources or inputs that are used in the production of goods or services.

Long-Run Cost Function

The relationship between output quantities and total cost when all inputs, including capital, are variable in the production process.

Output Supply

The quantity of a good or service that producers are willing to sell at various prices over a certain period of time.