Answer below in 150 words

During the last recession, people left the labor market (that is, quit looking work). When we use supply and demand to describe the labor market unemployment is described as a surplus – excess labor, not a shift in the curve.

Answer below in 150 words

During the last recession, people left the labor market (that is, quit looking work). When we use supply and demand to describe the labor market unemployment is described as a surplus – excess labor, not a shift in the curve.