workers unemployed as a result of wage rigidity are: a) actively searching for a job to match their skills. b) not eligible to receive unemployment insurance benefits. c) waiting for a job to become available. d) relocating to another part of the country as a result of sectoral shifts.

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15-11-2022
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workers unemployed as a result of wage rigidity are: a) actively searching for a job to match their skills. b) not eligible to receive unemployment insurance benefits. c) waiting for a job to become available. d) relocating to another part of the country as a result of sectoral shifts.

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qwteddy qwteddy · Answer 1 · 2022-11-17T13:30:31+01:00

Option c) refers to unemployed workers who are holding out for a job to open up because of wage rigidity.

The concept of wage rigidity, which states that wages cannot be reduced, has significant effects on both the labor markets and macroeconomic performance. However, there is a dearth of empirical data on the scope, reasons for, and effects of pay rigidity at the individual level.

Involuntary unemployment may occur if wages are higher than the market clearing level and rigid downward, that is, if they do not change to reflect changes in supply and demand.

In fact, a tightening monetary policy causes a decrease in activity and a rise in the unemployment rate in a setting of wage rigidity. Prices decreased by 0.02% with a 1% increase in interest rates, but the jobless rate increased by 0.2%.

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