The Unemployment Rate Is

question 34

Multiple Choice

The unemployment rate is

• A) the number unemployed divided by the labor force.
• B) the number unemployed divided by the number employed.
• C) the number unemployed divided by the population.
• D) the difference between the population and the number employed divided by the population.

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Definitions:

Free Entry

A market condition where new participants can enter the industry freely without facing prohibitive barriers to entry.

Zero Profits

A situation in which a company's revenues exactly equal its expenses, resulting in no net income or loss.

Price

The monetary value estimated, obligatory, or presented in compensation for an object.

MC

Short for Marginal Cost, it refers to the increase in cost that arises from producing one additional unit of a good or service.