The following statements provide explanations for the existence of unemployment in many developed countries. Which statement is NOT correct?

a. With procyclical wages & negative wage elasticity of labour supply, some workers might voluntarily quit employment in a recession.

b. Unemployed job seekers might not have the skills in demand by employers.

c. Job seekers need time to find and learn about available jobs.

d. Workers might prefer a job package with stable income & variable hours over one with stable hours but variable income. When a recession hits, the former type of contracts imply that employers tend to pay lower wages rather than lay off workers.

e. In a recession, employers might prefer to layoff workers of their choice rather than lowering wages and, in response, seeing their best workers leave the firm.