When Unemployment Rates Fall

question 36

Multiple Choice

When unemployment rates fall,

• A)there is always a greater demand for services.
• B)training and retention strategies increase in importance.
• C)unions are more likely to organize workers.
• D)there is always a greater demand for services and training strategies increase in importance.
• E)retention strategies increase in importance.

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Definitions:

Marginal Cost

The extra expense associated with the production of an additional unit of a product or service.

Kinked Demand Curve Model

A model in economics illustrating how firms in oligopoly markets might maintain stable prices despite changes in cost or demand, due to the asymmetric responses of rivals to price changes.

Price Reduction

A decrease in the selling price of goods or services, often to attract more buyers or respond to market conditions.

Non-OPEC Oil

Crude oil produced by countries that are not members of the Organization of the Petroleum Exporting Countries (OPEC).