Frictional and structural unemployment both exist when
A) the economy is at the peak of the business cycle. B) the economy is in long-run equilibrium.
C) the economy is in an expansionary phase. D) the economy is in short-run equilibrium.
B
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If buyers compete against sellers, then
A) buyers would be worse off as more sellers enter the market. B) buyers would be better off with fewer sellers in the market. C) sellers would be worse off with more buyers for their products. D) sellers would be better off with fewer buyers of their products. E) all the above are true.
An increase in the wage rate causes
A) a rightward shift of the firm's labor demand curve. B) a decrease in the quantity of labor demanded. C) an increase in labor's marginal productivity. D) a leftward shift of the firm's labor demand curve.