Describe the major types of unemployment
What will be an ideal response?
Frictional unemployment is the continuous flow of people from job to job. Seasonal unemployment refers to changes in employment related to seasonal-type of work, such as work at summer resorts or winter ski lodges. Structural unemployment refers to unemployment of workers over lengthy intervals resulting from skill mismatches of prospective employees' abilities and skills with requirements of employers, and from fewer jobs being offered by employers constrained by government regulations and labor market policies. Cyclical unemployment has to do with those unemployed due to a downturn in business activity.
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U.S. demand for tertiary labor increases when
(a) the wage rate rises. (b) urbanization proceeds. (c) demand for goods and services decreases. (d) price of output declines.
In the above figure, which of the following statements is FALSE if the firm is operating at output level Q2?
A. Average costs would be lowered by expanding output. B. Economic profits are positive. C. The price is lower than at an equivalent firm forced by regulators to charge ATC pricing. D. The output is equivalent to an unregulated monopolist.