The Following Figure Shows Curves for Labor Demand and Labor

question 70

Multiple Choice

The following figure shows curves for labor demand and labor supply.

-Refer to the figure above.Without interference,the labor market clears at wage ________.Wage rigidity would cause the quantity of labor demanded to ________ and the quantity of labor supplied to ________.

• A) Q₂; a quantity below Q₅; a quantity above Q₁
• B) Q₃; a quantity above Q₃; a quantity below Q₃
• C) Q₄; a quantity below Q₅; a quantity above Q₁
• D) Q₃; a quantity below Q₃; a quantity above Q₃

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Definitions:

Evolved

The process through which organisms undergo gradual changes in their genetic makeup over generations, often leading to new species.

System of Nature

A conceptual framework understanding the natural world and its phenomena, often encompassing ecological and biological processes.

Variation

The occurrence of differences among individuals or groups, often seen in genetic makeup, cultural practices, or behavioral patterns.

Mendel

Gregor Mendel, a scientist known as the father of genetics for his work on the inheritance of traits in pea plants.