Multiple Choice
Classical economists suggest that unemployment is a short-lived phenomenon because
A) wages adjust quickly to equilibrate quantity of labor demanded with quantity of labor supplied.
B) wages remain unchanged when the quantity of labor demanded exceeds the quantity of labor supplied.
C) wages remain unchanged when the quantity of labor supplied exceeds the quantity of labor demanded.
D) wages tend to rise slowly when the quantity of labor demanded equals the quantity of labor supplied.
Correct Answer:
Verified
Correct Answer:
Verified
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