An Equilibrium in the Labor Market Is a Situation in Which

question 52

Multiple Choice

An equilibrium in the labor market is a situation in which

• A) there is no pressure for wages to change.
• B) there is no unemployment.
• C) wages exceed minimum wage.
• D) marginal revenue product equals the wage.

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Definitions:

Confirmation Bias

The tendency to search for and use information that supports one’s ideas rather than refutes them.

Hindsight Bias

The tendency to report falsely, after the fact, that one has accurately predicted an outcome.

Selection Bias

The bias that occurs when the subjects or conditions chosen for a study do not represent the target population, affecting the validity of outcomes.

Intervention Bias

The tendency to intervene or take action when it might not be necessary, often influenced by the belief that doing something is better than doing nothing.