Which of the following is the best definition of the natural rate of unemployment?
a. the percentage of the population age 16 and older who are unemployed
b. the percentage of the working-age population in the labor force
c. the median annual unemployment rate
d. the rate of frictional unemployment
c. the median annual unemployment rate
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In Problem 5, in the long run, what is the market price and the quantity of paper produced? What is the number of firms in the market?
What will be an ideal response?
Due to the entry and exit of firms in a monopolistically competitive market:
a. economic profits and economic losses are dissipated in the long run. b. economic profits persist in the long run, but not economic losses. c. economic losses will exist in the long run, but not economic profits. d. both economic profits and economic losses exist in the long run.