The Unemployment That Results from the Quantity of Labor Supplied

question 133

True/False

The unemployment that results from the quantity of labor supplied exceeding the quantity demanded is called frictional unemployment.

---

Definitions:

Food

Any nutritious substance that people or animals eat or drink in order to maintain life and growth.

Budget Constraint

A concept in economics that represents all the combinations of goods and services a consumer can afford given their income level and the prices of goods.

Good X

Good X typically represents a hypothetical product used in economic models and problems to explain various concepts.

Good Y

Refers to a specific product or commodity in an economic model or discussion, distinct from others by its characteristics or use case.