Frictional Unemployment Is the Result of

question 143

Multiple Choice

Frictional unemployment is the result of

• A)technological change or foreign competition.
• B)normal labor market turnover.
• C)a slowdown in the rate of economic expansion.
• D)the economy entering a strong expansion.
• E)changes in the weather.

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Definitions:

Economic Profits

The financial gain achieved when revenues exceed both explicit and implicit costs.

Oligopoly Model

A market structure characterized by a few firms dominating the market, leading to strategic interactions in pricing and production.

Cournot

Refers to a model of duopoly competition in which companies choose quantity to produce independently, influencing the market price.

Nash Equilibrium

An idea in game theory where a player cannot benefit by changing their own strategy alone, assuming the strategies of other players are constant.