When individuals are unemployed because they lack the qualifications to fill available jobs, this is called
What will be an ideal response?
structural unemployment
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If both supply and demand simultaneously decrease
A) the market clearing price definitely rises, and the equilibrium quantity definitely falls. B) the market clearing price definitely rises, and the effect on the equilibrium quantity is indeterminate. C) the market clearing price definitely falls, and the effect on the equilibrium quantity is indeterminate. D) the effect on the market clearing price is indeterminate, and the equilibrium quantity definitely falls.
Oligopoly is a market structure in which
a. there are only two sellers. b. there are relatively few producers. c. no firm can influence price. d. there are many producers.
A good that has qualities that are easy for a consumer to assess in advance of a purchase is called
A) a credence good. B) a search good. C) an experience good. D) a persuasive good.
In the above figure, the efficient quantity of magazines to produce per day is
A) 0, because that is where the marginal social benefit exceeds the marginal social cost by as much as possible. B) more than 0 and less than 300,000 magazines. C) 300,000 magazines. D) more than 300,000 magazines.