______ Unemployment Occurs When People Are Jobless Because They Have

question 30

Multiple Choice

______ unemployment occurs when people are jobless because they have moved or are transitioning from one job to another.

• A)Cyclical
• B)Structural
• C)Frictional
• D)Industrial

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Definitions:

Market Prices

The actual selling price of goods and services in a marketplace, determined by supply and demand dynamics.

Voluntary Exchange

An economic transaction where all parties involved agree to the trade, believing they will benefit from the exchange.

Relative Scarcity

The economic concept referring to the limited availability of resources in comparison to the unlimited wants and needs of consumers.

Equilibrium Price

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