Which of the following would be considered unemployed as part of normal labor market turnover?
i. Juliet, who was fired when the company where she worked went bankrupt in a recession
ii. Hannah, who quit her job to find one that better suited her skills
iii. Charlotte, who started looking for a job upon graduation from high school
A) ii and iii
B) i and ii
C) i, ii and iii
D) i and iii
E) iii only
A
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Frictional unemployment is thought to explain relatively
a. short spells of unemployment, as is structural unemployment. b. long spells of unemployment, as is structural unemployment. c. short spells of unemployment, while structural unemployment is thought to explain relatively long spells of unemployment. d. long spells of unemployment, while structural unemployment is thought to explain relatively short spells of unemployment.
Assume a perfectly competitive industry is in long-run equilibrium at a price of $150. If this industry is an increasing-cost industry and the demand for the product increases, long-run equilibrium will be reestablished at a price
A. of $150. B. less than $150. C. greater than $150. D. either greater than or less than $150 depending on the magnitude of the decrease in demand.