Which of the Following Is a Correct Statement About the Labor

question 4

Multiple Choice

Which of the following is a correct statement about the labor market?

• A) Workers determine the supply of labor, and firms determine the demand for labor.
• B) Workers determine the demand for labor, and firms determine the supply of labor.
• C) Workers determine the supply of labor, and government determines the demand for labor.
• D) The forces of supply and demand, while present in the labor market, have nothing to balance in that market.

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Definitions:

Reasonable Period

An amount of time that is fair and sensible under the circumstances for a particular action to be completed or evaluated.

Durability

The ability of a product or material to withstand wear, pressure, or damage, maintaining its functionality and appearance over time.

Sale Of Goods Act

Legislation that governs the sale of goods, providing rights to buyers and obligations to sellers.

Common Law

A body of unwritten law derived from judicial decisions and case law, forming a significant part of the legal system in England, the United States, and other countries following the English tradition.