Suppose That the Labor Market for Life Guards Is Initially

question 124

Multiple Choice

Suppose that the labor market for life guards is initially in equilibrium. Then swimming pool owners adopt a new labor-saving technology that uses computers to monitor the locations of swimmers in the pool. What happens to the equilibrium wage and quantity of life guards?

• A)Both the equilibrium wage and quantity increase.
• B)Both the equilibrium wage and quantity decrease.
• C)The equilibrium wage increases, and the equilibrium quantity decreases.
• D)The equilibrium wage decreases, and the equilibrium quantity increases.

Interpret the impact of set prices above or below the equilibrium on market conditions.

Determine equilibrium quantity in various market scenarios.

Determine equilibrium price in different market scenarios.

Understand the regulatory and reporting requirements for corporations whose stock is traded on major stock exchanges.

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Definitions:

Polar Nature

A characteristic of molecules that have an uneven distribution of electron density, resulting in regions of partial positive and negative charge which makes them interact with other polar substances including water.

Attractive Forces

Forces that cause atoms, ions, or molecules to come together, and include various types of chemical bonds and intermolecular interactions.

Solute Particle

Solute particles are the dissolved particles in a solution that interact with the solvent to form a homogeneous mixture.

Molecular Compounds

Chemical compounds made up of molecules, which are groups of atoms joined together by covalent bonds.