The labor force in country XYZ is 10,000,000 and the number of employed is 7,000,000. Calculate the number of unemployed and the unemployment rate
What will be an ideal response?
Labor force = Number of employed + Number of unemployed
10,000,000 = 7,000,000 + Number of unemployed
10,000,000 - 7,000 = 3,000,000
Unemployment rate = (Number of unemployed/Labor force) × 100%
3% = (3,000,000/10,000,000 ) × 100%
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For a perfectly competitive firm, in the short run, which of the following statements is true?
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