Which of the Following Is True About Wage Agreements

question 71

Multiple Choice

Which of the following is true about wage agreements?

• A) Implicit wage agreements are based on a labor contract.
• B) Explicit wage agreements are based on based on labor market practices.
• C) Explicit wage agreements are based on a labor contract and implicit wage agreements are based on labor market practices.
• D) Both explicit wage agreements and implicit wage agreements are based on a labor contract.
• E) Neither explicit wage agreements nor implicit wage agreements are based on labor market practices.

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Definitions:

Supply

The overall quantity of a particular product or service that is accessible to buyers.

Demand

The desire and ability of consumers to purchase a good or service at a given price.

Price

The amount of money required to purchase a good, service, or resource.

Quantity

Quantity refers to the amount or number of units of a product or service available or demanded in the market.