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

question 11

Multiple Choice

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

• A)Number of firms increases
• B)None of these statements are true.
• C)Number of workers increases
• D)Opportunity cost of work increases

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Definitions:

Cost Differences

Variations in the cost of producing or providing goods and services, often influenced by factors such as location, materials, and labor.

Discounts

Discounts are reductions from the normal cost of goods or services, often offered to prompt sales, reward customers, or clear out inventory.

Price Discriminate

The strategy of selling the same product to different customers at different prices based on their willingness to pay.

Discount Coupons

Vouchers or codes that offer a rebate or reduction on the price of goods or services.