Which of the Following Is a Correct Statement About the Labor

question 4

Multiple Choice

Which of the following is a correct statement about the labor market?

• A) Workers determine the supply of labor, and firms determine the demand for labor.
• B) Workers determine the demand for labor, and firms determine the supply of labor.
• C) Workers determine the supply of labor, and government determines the demand for labor.
• D) The forces of supply and demand, while present in the labor market, have nothing to balance in that market.

---

Definitions:

Inventory Turnover

A financial ratio indicating how many times a company's inventory is sold and replaced over a period, illustrating the company's efficiency in managing and selling its stock.

Cost of Goods Sold

The immediate expenses related to producing the goods that a company sells, which involve both materials and labor.

Beginning Inventory

The cost of products on hand for selling at the commencement of an accounting cycle.

Inventory Turnover

A financial ratio measuring how many times a company's inventory is sold and replaced over a period.