At Low Wages, the Labour Supply Curve for Most People

question 39

Multiple Choice

At low wages, the labour supply curve for most people slopes upward because

• A)the supply of labour is perfectly inelastic at low wages.
• B)as wages increase, the opportunity cost of leisure increases.
• C)as wages increase, income also increases unless hours worked decrease.
• D)the demand for labour is perfectly elastic at low wages.

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Definitions:

Voltage Drop

The amount of voltage required to cause an amount of current to flow through a certain resistance.

Series RL Circuit

An electrical circuit that contains both a resistor (R) and an inductor (L) connected in series, which impacts the phase and amplitude of the circuit's response.

Inductive Reactance

The opposition offered by an inductor to the flow of alternating current in a circuit, quantified in ohms.

Apparent Power

The total power within an electrical circuit, represented in VA (volt-amperes), which combines both real power and reactive power.