-Suppose in Canberra the Quantity of Economists Demanded Is Less

question 65

Multiple Choice

-Suppose in Canberra the quantity of economists demanded is less than the quantity supplied by 2,000 economists. As a result,

• A) the labour supply curve for economists in Canberra is vertical.
• B) there is equilibrium in this market.
• C) the labour demand curve for economists in Canberra shifts rightward.
• D) salaries for economists fall.
• E) there is a shortage of economists in Canberra.

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Definitions:

Collective Bargaining Process

A method where workers, through their unions, negotiate contracts with their employers to determine their terms of employment, including pay, benefits, hours, leave, job health and safety policies, and more.

Business Pressures

Challenges and demands placed on a business by economic conditions, competition, regulations, and other external factors.

Competitiveness

The ability of a company, sector, or economy to provide products or services effectively in comparison to others, often measured by factors like cost, quality, and innovation.

Union Contracts

Agreements negotiated by labor unions and employers defining employment terms, worker benefits, and conditions to ensure fair treatment and equitable wages for union members.