According to the Classical Model,if There Are Too Many Elementary

question 193

Multiple Choice

According to the classical model,if there are too many elementary school teachers in the labor market,

• A) the government should institute a retraining program to give the unemployed teachers new job skills
• B) the wages for elementary teachers will fall,eventually causing the number of excess teachers to shrink
• C) the wage for elementary teachers will increase for those who are employed,but unemployment of teachers will remain high
• D) this situation provides an example of cyclical unemployment,which often occurs in the long run
• E) people will quit training to become elementary school teachers and soon there will be a shortage in this labor market

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Definitions:

Separating Equilibrium

A concept in game theory where different types of players choose distinct strategies, allowing them to be distinguished based on their choices.

Dull Lectures

Lectures that are uninteresting or boring, often perceived as monotonous and lacking in engaging content.

Equilibrium

A situation in a market or model where supply equals demand, and there is no incentive for change.

Lemons

A term used in economics to refer to products of significantly lower quality that cannot be easily distinguished from higher quality products before purchase.