Which Group of Unemployed Persons Is the Largest (Has the Highest

question 67

Multiple Choice

Which group of unemployed persons is the largest (has the highest unemployment rate) in Canada?

• A) unemployed 5 to 13 weeks
• B) unemployed 14 to 25 weeks
• C) unemployed 26 to 52 weeks
• D) unemployed more than 52 weeks

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Definitions:

Perfectly Inelastic

A situation where the quantity demanded or supplied does not change in response to a price change.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price, with high elasticity indicating sensitivity to price changes.

Income Elasticity

A measure of how the quantity demanded of a good responds to a change in consumers' income, indicating the good's necessity or luxury status.