When an inefficient firm or a firm producing a product that people no longer want goes out
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When an inefficient firm or a firm producing a product that people no longer want goes out of business, people are unemployed, but that is part of the normal process of economic growth and development. The unemployment is part of the natural rate and need not concern policy makers. Discuss that statement and its relevance to the economy today.
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This is structural unemployment which can sometimes exist for long periods especially when workers ...View the full answer
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Related Book For
Principles of Macroeconomics
ISBN: 978-0134078809
12th edition
Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster
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