The difference between the existing unemployment rate and the natural unemployment rate is defined is the __________ unemployment rate.

Monopolistic competition exists when there is one large firm in an otherwise perfectly competitive market

a. True b. False

Suppose that when price is $10, quantity supplied is 20 . When price is $6, quantity supplied is 12 . The price elasticity of supply is

a. 0.2 b. 0.5 c. 1.0 d. 1.5 e. 2.0