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When There Is Unemployment There Is an Excess Supply of Workers

question 31

Essay

When there is unemployment there is an excess supply of workers. Describe how microeconomic theory explains the response to this phenomenon.


Definitions:

Communication

The act or process of using words, sounds, signs, or behaviors to express or exchange information or to express ideas, thoughts, feelings, etc., to someone else.

Industrial Products

Goods produced for use in production and operation for other industries, not intended for direct consumption by consumers.

Raw Materials

The basic substances or components that are used to produce goods or manufacture products.

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