Suppose That the Money Wage in the Economy Increases by 8

question 135

Multiple Choice

Suppose that the money wage in the economy increases by 8 percent. As a result the

• A) short-run aggregate supply will decrease.
• B) long-run aggregate supply will decrease.
• C) long-run and the short-run aggregate supply both decrease.
• D) long-run aggregate supply will increase and the short-run aggregate supply will decrease.

Comprehend the role and implications of affirmative action programs in workforce diversity.

Understand the legal and ethical considerations in human resource management including privacy, surveillance, and discrimination laws.

Comprehend the significance of the job analysis process and its outcomes on job descriptions and job specifications.

Appreciate the principle of comparable worth and its application to ensuring pay equity.

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Definitions:

Cheating On Agreements

The act of knowingly violating the terms of an agreement or contract, often to gain an unfair advantage or benefit.

Cartels

Formal agreements among competing firms to control prices or exclude entry of a new competitor in a market.

Entry Barriers

Obstacles that prevent or hinder new competitors from easily entering an industry or area of business.

Collusion

An agreement between two or more parties, often in a secretive manner, to limit open competition by deceiving or defrauding others of their legal rights, or to obtain an objective forbidden by law, typically by defrauding or gaining an unfair market advantage.