If the Demand for Labor in a Particular Industry Increases

question 27

True/False

If the demand for labor in a particular industry increases, the equilibrium wage in that industry will also increase.

---

Definitions:

Demand and Supply

The fundamental economic principle that describes how the availability of a product (supply) and the desire for that product (demand) influence its price.

Program Evaluation

A systematic method for collecting, analyzing, and using information to answer questions about projects, policies, and programs, particularly about their effectiveness and efficiency.

Replacement Summaries

Documents or reports that outline the details and qualifications needed to replace an employee in a specific job role, often used in succession planning.

Replacement Charts

Visual tools used in human resource planning to track potential successors for key positions within an organization.