All Points on the Long Run Phillips Curve That Are

question 143

Multiple Choice

All points on the long run Phillips curve that are sustainable in the long run due to economy's self correcting mechanism correspond to

• A)the mature rate of unemployment.
• B)the natural rate of unemployment.
• C)the seasonal rate of unemployment.
• D)the cyclical rate of unemployment.

Understand how the law of diminishing returns affects the productivity of additional workers and the firm's decision-making.

Recognize the impact of changes in product demand on the demand for resources used in production.

Understand the relationship between the wage rate and the quantity of labor demanded.

Learn the factors that influence the strength of demand for a resource.

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