Long-Term Changes in Demand That Make Some Goods Obsolete (Possibly

question 4

Multiple Choice

Long-term changes in demand that make some goods obsolete (possibly due to technological advancement) are likely to have their greatest impact on

• A)Structural unemployment.
• B)Cyclical unemployment.
• C)Frictional unemployment.
• D)Seasonal unemployment.

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Definitions:

Price Elasticity

measures how much the quantity demanded of a good responds to a change in the price of that good, with higher elasticity indicating greater sensitivity to price changes.

Electricity Consumption

The total amount of electricity used by individuals, businesses, and other entities within a certain timeframe.

Government

An organized system that establishes rules and regulations, provides services, and enforces laws for a society or community.

Price Elasticity

Measures how the quantity demanded of a good changes in response to a change in the price of that good.