What Is the Major Reason the Market Demand Curve for Labour

question 116

Multiple Choice

What is the major reason the market demand curve for labour slopes downward?

• A) because at lower wage rates, workers are more willing to supply labour to the market
• B) because at lower wage rates, workers are less willing to supply labour to the market
• C) because of the law of diminishing marginal product
• D) because of the law of diminishing marginal resource cost

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Definitions:

ERG Theory

A theory in psychology proposed by Clayton Alderfer that categorizes human needs into three groups: existence, relatedness, and growth.

Frustration-Regression Principle

A concept suggesting that when an individual encounters obstacles or frustrations, they may revert to earlier behaviors as a coping mechanism.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, which illustrates a five-tier model of human needs, depicted as hierarchical levels within a pyramid.

Acceptance

The action of consenting to receive or undertaking something offered.