Which of the Following Can Result in Job Rationing

question 55

Multiple Choice

Which of the following can result in job rationing?
I. minimum wage
Ii. union wage
Iii. diminishing returns

• A)iii only
• B)ii only
• C)i only
• D)i, ii, and iii
• E)i and ii

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Definitions:

Price Elasticity

The measure of how much the quantity demanded of a good responds to a change in the price of that good, expressing the sensitivity of demand to price changes.

Price Elasticity

An evaluation of how shifts in a good's price affect the quantity of it demanded.

Slope

In mathematics, the rate at which a line or curve inclines or declines, calculated as the ratio of the vertical change to the horizontal change between two points on the line.

Demand Curve

A graph showing the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase at various prices.