The Average U

question 29

Multiple Choice

The average U.S. unemployment rate fluctuates around ______ and the National Restaurant Association estimates that the number of jobs in the industry will grow by ______ over the next decade.

• A) 4%, 15%
• B) 6.1%, 15%
• C) 10%, 10%
• D) 15%, 4.8%

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Definitions:

Competitive

Relating to or characterized by rivalry among sellers in a market, aiming to increase sales, market share, and customer loyalty by offering better terms.

Maximum

The highest or greatest possible amount or degree of something.

Long-Run Equilibrium

A state in which all factors of production and inputs in a market are fully adjusted to any economic changes, showing no tendency for further adjustment.

Competitive Price-Searcher Market

A market in which the firms have a downward-sloping demand curve, and entry into and exit from the market are relatively easy.