During a Recession,the Duration of Unemployment ________ and the Unemployment

question 23

Multiple Choice

During a recession,the duration of unemployment ________ and the unemployment rate is ________ the natural rate of unemployment.

• A)shortens;equal to
• B)shortens;greater than
• C)does not change;equal to
• D)lengthens;less than
• E)lengthens;greater than

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Definitions:

Marginal Cost

The expense incurred from the manufacture of an extra single unit of a product or service.

Monopolist

An individual or entity that has exclusive control over the supply of a particular good or service, allowing for the manipulation of prices.

Minimum Wage Law

Legislation that sets the lowest hourly wage rate that an employer can legally pay its workers.

Employment

The condition of having paid work or the total number of people currently employed in the economy.