Figure 18-5 -Refer to Figure 18-5. If the Relevant Labor Supply Curve

question 9

Multiple Choice

Figure 18-5
-Refer to Figure 18-5. If the relevant labor supply curve is S₂ and the current wage is W₁,

• A)there is a surplus of labor.
• B)the quantity of labor demanded exceeds the quantity of labor supplied.
• C)an increase in the minimum wage could restore equilibrium in the market.
• D)firms will need to raise the wage to restore equilibrium.

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Definitions:

Representative Samples

A subset of a population that accurately reflects the members of the entire population in terms of critical variables.

Sampling Frames

A list or database from which a sample is drawn, representing the entire population or target demographic for a research study.

Nonprobability Sampling

A method of sampling in which not every member of the population has an equal opportunity to be chosen.

Quota Sampling

A non-random sampling technique where the researcher fills quotas from different subgroups of the population.