Which of the Following Statements Is True of the Market

question 192

Multiple Choice

Which of the following statements is true of the market for labor?

• A) The supply curve is always more inelastic than the demand curve.
• B) There is a shortage of labor at the point of intersection of the labor demand and labor supply curves.
• C) There is a surplus of labor at the point of intersection of the labor demand and labor supply curves.
• D) Both the equilibrium wage rate and quantity of labor are determined at the point of intersection of the labor demand and labor supply curves.

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Definitions:

Centration

The cognitive tendency in early childhood to focus on one salient aspect of a situation while neglecting other possibly relevant aspects.

Conservation

In environmental science, the preservation, protection, or restoration of the natural environment and wildlife; in cognitive development, a term introduced by Piaget referring to the understanding that certain properties of objects remain the same despite changes in their form or appearance.

Egocentrism

A cognitive trait where an individual has difficulty understanding or assuming any perspective other than their own.

Assimilation

The cognitive process by which new information is integrated into existing schemas or frameworks, helping individuals to understand and interact with the world around them.