The Following Question Are Based on the Following Graph Depicting

question 26

Multiple Choice

The following question are based on the following graph depicting a perfectly competitive labor market:

-This is an equilibrium because

• A) no worker wishes to work for a lower wage.
• B) a higher wage would produce an excess supply; a lower wage would produce an excess demand.
• C) at a wage above this, employers are not willing to hire any workers.
• D) this wage is consistent with union ambitions.
• E) higher or lower wages generate shifts in the supply and demand curve to restore that wage.

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Definitions:

Communicated By Words

Information or messages that are transmitted or conveyed through spoken or written language.

Conduct

The manner in which a person behaves, especially in a particular setting or context.

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A widely cited legal case involving offer and acceptance in contract law.

Valid Offer

An expression of willingness to enter into a contract on specified terms, made with the intention that it will become binding as soon as it is accepted by the person to whom it is addressed.