A recession causes a decrease in the demand for housing, resulting in substantial layoffs in the construction industry. The people laid off are considered

To analyze intra-industry trade, we must bring in imperfect competition, and we change our assumptions about our trade models to allow:

a. price-conscious consumers. b. short-run unemployment. c. differentiated products. d. perfect competition.

The effect of legislation establishing a minimum wage above the market clearing wage is

A) unemployment. B) a shortage of labor. C) higher wages for all workers. D) a shift of the demand for labor curve.