Frictional Unemployment Occurs Because

question 88

Multiple Choice

Frictional unemployment occurs because

• A)it takes time to find a job.
• B)people have insufficient skills.
• C)of economic booms.
• D)of recessions.
• E)of inflation.

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Definitions:

Long Run

A period in which all inputs can be adjusted by firms, allowing for full adjustment to market conditions or changes in production technology.

Break-Even Point

The juncture where total expenses match total income, yielding neither profit nor loss.

Firm's Output

The aggregate amount of products and services generated by a business within a certain timeframe.

Lowest Price

The minimum cost at which a product or service can be purchased, often emphasized in marketing to attract consumers.