The Department of Defence Closes Its Headquarters in Canberra and Transfers

question 67

Multiple Choice

The Department of Defence closes its headquarters in Canberra and transfers to a new building in Melbourne. A worker at the Canberra office is given the opportunity and finance to move to Melbourne. She turns down this opportunity because of family obligations. While she is searching for a new job she would be classified as:

• A) structurally unemployed
• B) cyclically unemployed
• C) not in the labour force because she turned down the opportunity to relocate
• D) frictionally unemployed

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Definitions:

Perfect Competition

Perfect competition describes a market structure where many firms sell identical products, entry and exit are easy, and no single buyer or seller has market power to influence prices.

Price

The amount of money required to purchase a good, service, or asset, reflecting its value as determined by supply and demand.

Units Produced

A measure of output that quantifies the total number of units of a product made by a company or industry within a specified period.

Profit-Maximizing Price

The selling price at which a company can achieve the highest profit, considering its cost and demand for the product.