As the price of video games is raised from $20to $25, their quantity demanded fell from 1.5 million copies to 1 million copies. The price elasticity of demand for video games is:

The price a perfectly competitive firm receives for its output

A) is determined by the interaction of all sellers and all buyers in the firm's market. B) is determined by the interaction of the firm and all of the consumers who buy from the firm. C) will be lowered by the firm in order to sell more output. D) will not change in response to changes in market demand and supply because the firm is a price taker.

Suppose that the adult population is 6 million, the number of employed is 3.8 million, and the labor-force participation rate is 70%. What is the unemployment rate?

a. 6.7% b. 9.5% c. 10.5% d. 28%