The Labor Market Is Said to Be in Equilibrium When

question 30

Multiple Choice

The labor market is said to be in equilibrium when

• A) everyone who wants to work is supplying his or her labor.
• B) the number of workers is equal to the number of jobs available at a specific wage.
• C) firms are unwilling to hire more workers.
• D) workers keep their hours constant.
• E) the number of available workers is increasing.

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Definitions:

Tchebysheff's Theorem

A theorem that provides a minimum bound on the proportion of values that lie within a certain number of standard deviations from the mean for any distribution.

Empirical Rule

The rule in statistics where for any normal distribution, practically all of the data is expected to be within three standard deviations from the mean value.

Empirical Rule

A statistical principle that asserts in a normal distribution, almost all data points are contained within three standard deviations from the average.

Tchebysheff's Theorem

Tchebysheff's theorem provides a bound on the probability that a random variable deviates from its mean, regardless of the distribution's shape, for any number of standard deviations.