If a firm hires labor for $4,000, pays rent of $1,500, buys raw materials for $6,000 from another firm, earns profits of $500, and sells its output for $14,000, the value added by the firm is _____

In the long run, a monopolistically competitive firm produces at minimum average cost

a. True b. False Indicate whether the statement is true or false

The unemployment rate is the number of unemployed people, expressed as

a. a ratio of total employed to the population. b. a ratio of unemployed to the total employed. c. a percentage of the labor force. d. a percentage of the population.