A New Entrant Is an Individual

question 11

Multiple Choice

A new entrant is an individual

• A) in the labor force whose employment was involuntarily terminated.
• B) who used to work full time but left the labor force and has now reentered it looking for a job.
• C) in the labor force who quits voluntarily.
• D) who has never held a full-time job lasting two weeks or longer but is now seeking employment.

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Definitions:

Equilibrium Price

The pricing point in the market where the amount of goods being sold matches the amount being sought.

Equilibrium Quantity

The level of goods or services available and needed at the price of equilibrium.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers.

Surplus

A surplus refers to the amount by which the quantity of a good produced or supplied exceeds the quantity demanded, often leading to price reductions.