Figure 18-10 -Refer to Figure 18-10.When the Relevant Labor Demand Curve Is

question 350

Multiple Choice

Figure 18-10

-Refer to Figure 18-10.When the relevant labor demand curve is D₁ and the labor market is in equilibrium,

• A) the value of the marginal product of labor to firms is less than W1.
• B) the opportunity cost of leisure to workers is greater than W1.
• C) the wage is W1.
• D) All of the above are correct.

Understand the concepts of frictional and structural unemployment and their causes.

Analyze the role and effects of public policy on various types of unemployment.

Differentiate between the natural rate of unemployment and cyclical unemployment.

Identify conditions under which unemployment insurance can influence job search behavior and unemployment.

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