-Based on the Above Table,the Unemployment Rate Is

question 69

Multiple Choice

-Based on the above table,the unemployment rate is

• A)10 percent.
• B)11.1 percent.
• C)7.1 percent.
• D)5.4 percent.
• E)8.6 percent.

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Definitions:

Monopoly Power

The capacity of a firm to control market prices and exclude competition, often by being the sole provider of a product or service.

Barriers to Entry

Barriers that make it difficult for new entrants to join a market or business sector.

Average Total Cost Curve

Depicts the per-unit total cost of production (fixed cost plus variable cost) divided by the quantity of output produced.

Natural Monopoly

A market condition in which a single firm can supply a good or service to an entire market at a lower cost than could two or more firms.