Which of the following statements is true of a frictionless labor ...

[lbcchick]

Which of the following statements is true of a frictionless labor market?
 
  A) The quantity of labor demanded always exceeds the quantity of labor supplied.
  B) Firms can instantly hire and fire workers.
  C) The quantity of labor supplied always exceeds the quantity of labor demanded.
  D) All firms pay below the equilibrium wage rate.

Question 2

Suppose a 23-year old graduate student is looking for a full-time job , but has to take a part-time job instead. He or she will be categorized in the Current Population Survey as ________ when calculating the unemployment rate.
 
  A) employed
  B) a discouraged worker
  C) not in the labor force
  D) unemployed
  E) underemployed

[cadimas]

Answer to Question 1

B

Answer to Question 2

A

[lbcchick]

YES! Correct, THANKS for helping me on my review

[samiel-sayed]

Thanks for the timely response, appreciate it