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Firm X and Firm Y are competitors within the same industry.Firm X produces its product using large amounts of direct labor.Firm Y has replaced direct labor with investment in machinery.Projected sales for both firms are 15% less than in the prior year.Which statement regarding projected profits is true?
Structural Unemployment
Unemployment that results from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand.
Equilibrium Level
A state in which market supply and demand balance each other, resulting in stable prices and quantities.
Unemployment
The condition of being without a job, while actively looking for one and being willing to work.
Minimum-wage Laws
Legislation that sets the lowest hourly wage rate that can be paid to workers, intended to protect employees from unduly low pay.
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