According to the Economists' Model of Labor Markets, When It

question 17

Multiple Choice

According to the economists' model of labor markets, when it is observed that wages are rising while prices remain constant, it can be surmised that

• A)more people are entering the job market.
• B)the supply of labor is outpacing the demand for labor.
• C)everyone is working.
• D)productivity is increasing.
• E)people are working less.

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Definitions:

Annual Consumption

The total amount of goods and services consumed by an individual, household, or economy in a one-year period.

Supply Curve

A graphical representation that shows the relationship between the price of a good and the quantity of the good that suppliers are willing to produce and sell.

College Education

A post-secondary education resulting in a degree or diploma obtained from a college or university.

Supply Curve

A visual depiction that showcases the connection between the cost of a product and the amount available for sale.