The Basic Neoclassical Theory of the Labour Market Predicts That

question 24

Multiple Choice

The basic neoclassical theory of the labour market predicts that:

• A)wages are determined entirely by market supply
• B)workers are compensated according to their contribution to the social value of society
• C)workers earn a wage equal to the value they contribute to the economy
• D)wages are determined entirely by firms that demand labour services

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Definitions:

Filtration Slits

Narrow gaps between the podocytes in the glomerulus of the kidney through which filtration of blood plasma occurs.

Podocytes

Highly specialized cells in the kidney that wrap around capillaries of the glomerulus, involved in filtration of blood to form urine.

Renal Corpuscles

The initial filtering component of a nephron in the kidney, consisting of a glomerulus and Bowman's capsule.