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the university can vary its labor force rather quickly. faculty can be quickly hired and similarly it is possible to downsize the faculty. in fact, the university can probably adjust its faculty at any point in time. however, adjusting the classroom space is a little bit longer. the last time a new classroom building was added to the campus it took about four years to go from making the decision to adjust the capital stock to introducing the new building into service. from this we can assume that the long run framework for the university is about four years. feel free to assume that the university employs only these two inputs. question 1 options:

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tutorconsortium270

True ; in the short run there is at least one factor of production that is fixed in nature. It is capital. In the given scenario, adding a new building is capital that is taking 4 years of time.

What criteria define unemployment?

To be classified as unemployed in the CPS people must satisfy two primary criteria:

They must have no job and they must be actively seeking employment.  Those who do not have jobs and are not actively searching are considered to be out of the labor force.

To be precise, the BLS defines unemployed persons as those who “had no employment during the reference week, were available for work, except for temporary illness, and had made specific efforts to find employment sometime during the four-week period ending with the reference week.”   There is one exception to this rule: “persons who were waiting to be recalled to a job from which they had been laid off need not have been looking for work to be classified as unemployed.

learn more about unemployment here:

brainly.com/question/14227610

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