If, at a Particular Wage Rate in a Competitive Market

question 68

Multiple Choice

If, at a particular wage rate in a competitive market, the quantity supplied of labor exceeds the quantity demanded of labor, then

• A)the supply curve will shift to the left, the demand curve will shift to the right, and the surplus of labor will be eliminated.
• B)since wages are so high, the quantity supplied of workers will increase further, and the quantity demanded will decrease further.
• C)some workers will begin to accept lower wages and, as a result, employers will begin to hire more workers.
• D)the supply curve will shift to the right, the demand curve will shift to the left, and the shortage of labor will be eliminated.

---

Definitions:

Slavic Peoples

Ethnic groups native to Europe and Asia, most numerously populating Eastern Europe, Russia, and parts of the Balkans, recognizable by their use of Slavic languages.

Roman Empire

An ancient empire centered around the city of Rome, known for its engineering achievements, legal system, military conquests, and pivotal role in shaping Western civilization.

Large-Scale Agriculture

Farming operations that involve extensive land areas and high levels of mechanization and technology, producing large volumes of crops or livestock.

Universal Entitlement

Policies or systems where all members of a society have the right to receive certain benefits or services, such as healthcare or education, regardless of socioeconomic status.