When the Quantity of Labour Demanded Exceeds the Quantity of Labour

question 46

Multiple Choice

When the quantity of labour demanded exceeds the quantity of labour supplied, the real wage rate

• A)does not change, but the money wage rate rises to eliminate the labour market shortage.
• B)rises to eliminate the labour market surplus.
• C)falls to eliminate the labour market shortage.
• D)rises to eliminate the labour market shortage.
• E)falls to eliminate the labour market surplus.

Distinguish between discrete and continuous probability distributions.

Apply principles of binomial probability.

Use the Poisson distribution for modelling occurrences over time or space.

Interpret probability distributions in real-world contexts.

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