For Any Competitive Labor Market, What Change Would Have to Occur

question 137

Multiple Choice

For any competitive labor market, what change would have to occur to cause labor supply to increase and the labor supply curve to shift to the right?

• A)Number of firms increases
• B)Opportunity cost of work decreases
• C)Number of workers decreases
• D)Opportunity cost of work increases

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Definitions:

English Auction

A bidding process where participants openly bid against each other, and the item is sold to the highest bidder.

Willingness To Pay

The maximum amount an individual or organization is prepared to spend to acquire a good, service, or avoid something undesirable.

Expected Revenue

The anticipated total income from sales of goods or services, based on expected sales volumes and price points.

Probability

A measure of the likelihood or chance of an event happening, ranging from 0 to 1, where 0 indicates impossibility and 1 indicates certainty.