If an entire industry relocates to a foreign country, the relocation leads to a higher rate of ________ unemployment

A firm, such as a public utility, which is the sole producer in a market in which the government determines prices and standards of service, is known as a(n):

a. local monopoly. b. natural monopoly. c. regulated monopoly. d. oligopoly. e. monopolistically competitive firm.

When there are more substitutes for a product, the ________ for the product is ________.

A. income elasticity; greater B. demand; less price elastic C. income elasticity; smaller D. demand; more price elastic