The Best Example of a Frictionally Unemployed Worker Is One

question 138

Multiple Choice

The best example of a frictionally unemployed worker is one who:

• A)has been looking for work for 27 weeks or longer.
• B)is laid off during a recessionary period in the economy.
• C)is in the process of voluntarily switching jobs.
• D)is discouraged and not actively seeking work.
• E)cannot find a job that matches with his skills.

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Definitions:

Labor Demand Curve

A downward-sloping curve that represents how the quantity of labor demanded by employers changes as the wage rate changes.

Purely Competitive

Purely competitive markets are those in which numerous small firms compete against each other, and the price of goods or services is determined by the market with no single participant having significant control over it.

Imperfectly Competitive

Describes markets where individual sellers have some control over the prices due to lack of perfect competition, includes monopolistic competition, oligopoly, and monopoly markets.

Perfectly Competitive Market

A theoretical market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product, leading to an efficient allocation of resources.