As the head of your human resources department, you are asked to make some brief comments on the current state of the labor market. You wish to comment on five points:
a. The distinction between frictional and structural unemployment.
b. How wage rigidity suggests that labor costs are not as flexible as management might wish in the short run.
c. How the existence of discouraged workers might distort the view of the real level of unemployment.
d. How labor force participation rates have varied over time for men and women and might influence the availability of workers in the future.
e. How an efficiency wage might influence worker productivity.