If unemployment is above the natural rate, GDP is below potential output

In perfect competition, the

A) market demand for the good or service is large relative to the minimum efficient scale of a single producer. B) market demand for the good or service is small relative to the minimum efficient scale of a single producer. C) market demand for the good or service can be small relative to the minimum efficient scale of a single producer as long as the goods or services are not identical. D) size of the market demand for the good or service relative to the minimum efficient scale of a single producer does not affect competition.

Income earned by entrepreneurs is described as

a. total revenue b. profit c. average revenue d. marginal revenue e. interest