Susan Clark Would Like to Work Forty Hours Per Week

question 79

Multiple Choice

Susan Clark would like to work forty hours per week, but can only find twenty hours per week of work. In the official employment statistics, Susan is classified as:

• A) employed.
• B) unemployed.
• C) out of the labor force.
• D) underemployed.

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Definitions:

This Firm

A term often used in economic models or discussions to represent a generic company or business under analysis.

Economic Profit

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

Opportunity Costs

The penalty of not opting for the next superior alternative while making a decision.

Total Revenues

The total amount of income generated by the sale of goods or services related to the company's primary operations.