Which of the following is NOT a type of unemployment in developing countries?
A. Seasonal unemployment
B. Disguised unemployment
C. Natural rate of unemployment as a policy target only
D. Open unemployment
Answer: Option C
Solution (By JKSSB Mock Tests)
Disguised, seasonal and open unemployment are common in developing countries. The natural rate of unemployment is a concept more relevant to developed economies and macroeconomic policy.
Explanation:
The law of diminishing marginal utility was first stated by H.H. Gossen and later developed and popularised by economists like Jevons, Menger and Marshall.
Explanation:
Monopolistic competition is characterised by product differentiation, a large number of firms, free entry and exit, and some degree of price control by firms.
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