Suppose That the Market for Labor Is Initially in Equilibrium

question 475

Multiple Choice

Suppose that the market for labor is initially in equilibrium. An increase in the price of output will cause the equilibrium wage

• A)and the equilibrium quantity of labor to rise.
• B)and the equilibrium quantity of labor to fall.
• C)to rise and the equilibrium quantity of labor to fall.
• D)to fall and the equilibrium quantity of labor to rise.

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Definitions:

Job Satisfaction

The level of contentment employees feel about their work, which can affect their productivity and loyalty to the company.

Job Satisfaction

The level of contentment employees feel regarding their job, encompassing aspects like work environment, duties, and compensation.

Performance

The act of carrying out or accomplishing an action, task, or function.

Organizational Citizenship Behaviour

Voluntary behaviors by employees that contribute to the overall effectiveness and environment of the organization.