Which of the Following Statements Does Not Accurately Describe the Market

question 476

Multiple Choice

Which of the following statements does not accurately describe the market for labor?

• A)The characteristics of workers, such as their education and experience, the characteristics of jobs, such as their pleasantness or unpleasantness, and the presence or absence of discrimination by employers all determine equilibrium wages.
• B)Labor unions, minimum wage laws, and efficiency wages all may increase wages above their equilibrium level.
• C)Firms are willing to pay more for better-educated workers as long as there is an excess supply of this type of worker.
• D)Discrimination by employers against a group of workers may artificially lower wages for that group.

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Definitions:

Purchase

The act of buying goods or services; acquiring ownership in exchange for money or trade.

Items

Individual pieces or units in a collection or list.

Items

Objects, articles, or goods that are considered or listed typically in an inventory, agenda, or collection.

Autos

Vehicles propelled by their own engines or motors, primarily used for transportation.