If the Number of Employed Is 145,926, the Number of Unemployed

question 89

True/False

If the number of employed is 145,926, the number of unemployed is 6,849, and the number of discouraged workers is 77,676, the unemployment rate is about 4.5 percent.

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Definitions:

Monopolistically Competitive

Refers to a market structure where many companies sell similar but not identical products, allowing them to have some control over their prices.

Economic Profits

Profits that exceed the opportunity costs of a firm, calculated as total revenues minus both explicit and implicit costs.

Long Run

A period during which all factors of production and costs are variable, and firms can enter or exit the industry.

Total Revenue

The gross revenue from selling products or services before deducting any costs.