The Labor Force Is the Sum of the

question 326

Multiple Choice

The labor force is the sum of the

• A) total population and the number of unemployed people.
• B) number of employed people and the working- age population.
• C) working- age population and the number of unemployed people.
• D) number of employed people and the number of unemployed people.

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Definitions:

Demand

It is the quantity of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.

Perfectly Elastic

Perfectly elastic refers to a situation where the quantity demanded or supplied of a good changes infinitely in response to any change in price, represented by a horizontal demand or supply curve.

Inelastic

Describes a situation where the demand or supply for a product doesn't change significantly when the price of the product changes.

Stadium Capacity

The maximum number of spectators that a sports venue can accommodate during an event.