Asked by
Bonnie Griner
on Dec 17, 2024
Verified
The unemployment that results from the quantity of labor supplied exceeding the quantity demanded is called structural unemployment.
Structural Unemployment
Unemployment resulting from industrial restructuring, leading to a mismatch between jobs available and the skills of the workforce.
Labor Supplied Exceeding
A situation where the quantity of labor offered by workers exceeds the quantity demanded by employers.
- Attain insight into the categories of unemployment, including frictional, structural, and sectoral.
- Gain insight into how wage levels contribute to the balance within the labor market and affect unemployment rates.
Verified Answer
EL
Learning Objectives
- Attain insight into the categories of unemployment, including frictional, structural, and sectoral.
- Gain insight into how wage levels contribute to the balance within the labor market and affect unemployment rates.
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