Which of the Following Is True of the Supply and Demand

question 57

Multiple Choice

Which of the following is true of the supply and demand curves for the labor market?

• A)The supply curve slopes downward and the demand curve slopes upward.
• B)The supply curve slopes upward and the demand curve slopes downward.
• C)Both the supply curve and the demand curve slope upward.
• D)Both the supply curve and the demand curve slope downward.
• E)Both the supply curve and the demand curve are horizontal.

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Definitions:

Aggregate Economy

The total economic output of a country, measured through indicators such as GDP, which encompasses all sectors and economic activities.

Strike Activity

Actions taken by workers, often organized by unions, where they stop working to protest against their employers for better pay, benefits, or working conditions.

National Legislation

Laws or statutes enacted by a country's legislative body that govern nationwide policies, issues, or concerns.

Collective Bargaining Agreements

legally binding contracts negotiated between unions and employers that outline terms of employment, working conditions, and employee benefits.