Private goods are nonexclusive goods

In the simple circular flow

A) producers trade goods and services for monetary payments in the product market. B) consumers trade resources for goods and services in the factor market. C) businesses trade goods and services for resources in the product market. D) consumers trade goods and services for monetary payments in the factor market.

Structural unemployment results in a ________ of labor which should theoretically be reduced by a(n) ________ in the wage rate

A) surplus; decrease B) surplus; increase C) shortage; decrease D) shortage; increase