Employment protection laws make it harder for employees to lose their jobs and as a result, these laws reduce structural unemployment

A situation where quantity demanded exceeds quantity supplied is called a(n) ______.

a. substitution b. equilibrium c. shortage d. surplus

When the number of mega-producers of hobs that operated at a lower average cost than smaller producers rose, the number of hogs slaughtered rose to record levels. What economic concept does this describe?

A. Indivisible setup costs B. Economies of scope C. Minimum efficient production D. Economies of scale