The unemployment rate is defined as the ________ divided by the ________.

A firm in perfect competition is a price taker because _______.

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

A corrective subsidy induces the ________ to the socially optimal level.

When demand is elastic, a price increase will cause __________ total revenues.

A ________ demand curve for shampoo would be caused by a change in the price of shampoo.

The average income of the people of a country in a particular year is _____

_______ is absence of competition.

The main characteristic of monopoly market structure is_________.

The long run average cost curve is also called as_________.

Production refers to ___.