Suppose That the Labor Market for Life Guards Is Initially

question 29

Multiple Choice

Suppose that the labor market for life guards is initially in equilibrium. Whistles are an important safety tool that life guards use as a part of their jobs. A fire destroys the largest factory that produces whistles. In the market for life guards the equilibrium wage

• A)increases because the marginal productivity of life guards increases.
• B)decreases because the marginal productivity of life guards decreases.
• C)increases because the supply of life guards increases.
• D)decreases because the supply of life guards decreases.

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Definitions:

Random Sample

A subset of individuals chosen from a larger set or population, where each individual has an equal chance of being selected.

Proportional Sample

A sampling method in statistical research where the sample size from each subgroup is proportional to the overall proportions of those subgroups in the total population.

Representative Sample

A segment of a population that accurately represents the attributes of the total population.

Random Sample

A sampling method where each member of a population has an equal chance of being included in the sample, reducing bias and increasing the generalizability of results.