What type of unemployment affects an individual who loses their job due to a decline in an industry?

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Unemployment caused by short-term job transitionsJoblessness resulting from insufficient overall demandLoss of employment due to wage rates being too highUnemployment caused by changes in the industry's structureNone of the above

Explanation

Structural unemployment occurs when workers lose their jobs because of fundamental changes in the economy or industry, such as technological advancements or industry contraction. This differs from frictional unemployment (temporary job changes), demand-deficient unemployment (caused by lack of demand), and classical unemployment (due to wages being above market equilibrium). Therefore, the correct classification for someone made redundant by industry contraction is structural unemployment.