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Firm
A business organization that sells goods or services in pursuit of profits.
Equilibrium Wage
The wage rate at which the quantity of labor supplied equals the quantity of labor demanded.
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.
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