At which point is society employing some of its available technology but not all of it? (See Figure 1.1.)

Eric lost his job because a recession caused his employer's sales to fall. This is an example of:

a. involuntary unemployment. b. frictional unemployment. c. structural unemployment. d. cyclical unemployment.

A deadweight loss arises in a perfectly competitive market as each firm is a price taker

a. True b. False Indicate whether the statement is true or false