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:

Opportunity-driven

A mindset or approach that focuses on identifying and exploiting new business or growth opportunities.

Psychological Motivation

The internal processes that stimulate and direct human behavior toward achieving personal or professional goals.

Power

The ability or capacity to influence or control the behavior of others or the course of events.

Need for Affiliation

A psychological term denoting an individual's desire to build relationships and feel connected to others.