Other Things Equal, One Would Predict That Market Wages Would

question 155

Multiple Choice

Other things equal, one would predict that market wages would be relatively high when

• A)the supply of labor is high.
• B)the demand for labor is low.
• C)the supply of labor is low.
• D)Both (a.) and (b.) are correct

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Definitions:

Demand Curve

A graphical representation showing the relationship between the quantity of a good that consumers are willing and able to purchase and its price.

Equation

A mathematical statement that asserts the equality of two expressions, typically involving variables and constants.

Total Revenue

The overall amount of money generated by a business from its sales activities before any costs or expenses are deducted.

Price

The financial outlay presumed, obligatory, or given in payment for an object.