An Increase in the Demand for Labour Is Likely to Lead

question 9

Multiple Choice

An increase in the demand for labour is likely to lead to:

• A) A higher wage rate and a lower quantity employed
• B) A lower wage rate and a higher quantity employed
• C) A higher wage rate and a higher quantity employed
• D) A lower wage rate and a lower quantity employed

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Definitions:

Normally Distributed

A statistical distribution where data points are symmetrically distributed around the mean, forming a bell-shaped curve.

Standard Deviation

An indicator of the degree to which a dataset's values vary or are spread, showing the distance of the values from the average.

Probability

The measure or quantification of how likely an event is to occur, expressed as a number between 0 (impossible) and 1 (certain).

NORM.DIST

A function in statistics that returns the normal distribution for a specified mean and standard deviation.