Economics 9708 · AS & A Level · Long-run costs and economies of scale

Long-run costs and economies of scale — practice question

The table presents the labour market for an economy across four different years. In which year did the labour market experience excess demand?

  • Aworking population 19m, unemployment rate 1.0%, job vacancies 180k
  • Bworking population 19m, unemployment rate 2.0%, job vacancies 80k
  • Cworking population 20m, unemployment rate 1.1%, job vacancies 240k
  • Dworking population 20m, unemployment rate 1.5%, job vacancies 100k

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