If imperfect information characterizes workers' behavior, then there will be a
A) slow adjustment of the demand for labor, Nd.
B) rapid adjustment of the demand for labor, Nd.
C) rapid adjustment of both the demand for labor, Nd, and the supply of labor, Ns.
D) a lagged adjustment of the equilibrium level of employment, Ns.
D
You might also like to view...
Suppose that the number of jobs in the fishing industry decreases but the number of jobs in the travel industry increases. Initially, ________
A) the economy remains at full employment B) structural unemployment increases C) there is a shortage of workers in both sectors D) cyclical unemployment increases
In the short run, a price increase in the goods and services market measured by the CPI will: a. increase the purchasing power of money
b. improve producer profits and, thereby, induce suppliers to expand output. c. increase resource prices, lower profits, and lead to a decline in output. d. reduce the natural rate of unemployment.
Oligopolies feature
a. the absence of barriers to entry b. extensive competition c. the goal of profit maximization d. strategic interaction of firms e. product differentiation
The total consumer surplus enjoyed by all consumers in a market
a. exceeds the market price b. is measured by the area under the market demand curve c. is measured by the area beneath the market price d. is a Pareto improvement e. is called market consumer surplus