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Recall Application 1, "Shifts in the Natural Rate of Unemployment" to answer the following questions:
-According to the application, William Dickens estimated that the natural rate of unemployment since the 1990s has been:
Price Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in its price.
Percentage Change
A mathematical calculation that indicates the degree of change over time, expressed as a percentage.
Price Elasticity
A gauge for the reaction of the amount of a good sought after to a price modification of that good.
Price Change
A variation in the cost of goods or services over time, which can be influenced by factors such as supply and demand.
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