The Creation of the Social Security Program Had No Impact

question 91

True/False

The creation of the Social Security program had no impact on the labor force participation rate because people are not interested in working past the age of 65.

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Definitions:

Price Of Factor

The cost associated with a factor of production, such as labor or capital, used in the creation of goods or services.

Output Supply

The total amount of a product or service that is available for purchase at any given price level in a given market.

Long-Run Cost Function

A concept that describes how the total production costs of a firm change based on output levels, considering all inputs as variable in the long term.

Output Supply

The total amount of a good or service that producers are willing and able to sell at a given price over a certain period of time.