If, for Any Reason, the Wage Is Held Above the Competitive

question 36

Multiple Choice

If, for any reason, the wage is held above the competitive equilibrium wage,

• A)the quantity of labour supplied will exceed the quantity of labour demanded and there will be unemployment.
• B)unions will likely strike and the wage will fall to equilibrium.
• C)the quantity of labour demanded will exceed the quantity of labour supplied and there will be a labour shortage.
• D)the quality of workers in the applicant pool will tend to fall.

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Definitions:

Lungs

Vital organs of the respiratory system responsible for gas exchange, taking in oxygen and expelling carbon dioxide from the body.

Illness Anxiety Disorder

A chronic condition characterized by excessive worry about having a serious illness despite having few or no symptoms.

Obsessive-Compulsive Disorder

A mental health disorder characterized by recurring, unwanted thoughts (obsessions) and repetitive behaviors (compulsions) as an attempt to relieve anxiety.

Treatment

Treatment refers to medical care given to a patient for an illness or injury, aiming to relieve symptoms, cure the disease, or improve health and well-being.