The Phenomenon of Surplus Labor Primarily Affected

question 103

Multiple Choice

The phenomenon of surplus labor primarily affected

• A)factories.
• B)land sales in the western frontier.
• C)Southern plantations.
• D)American farms.
• E)merchant ships.

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Definitions:

Labor Supply

The total hours that workers are willing and able to work at a given wage rate, in a given time period.

Elastic

In economics, elastic refers to how the quantity demanded or supplied of a good responds to changes in its price; high elasticity indicates sensitivity to price changes.

Cross-price Elasticity

Cross-price Elasticity measures the responsiveness of the demand for one good to a change in the price of another good.

Elasticity of Supply

A measure of how much the quantity supplied of a good changes in response to a change in price.