Which Event Would Tend to Lead to an Increase in the Supply

question 168

Multiple Choice

Which event would tend to lead to an increase in the supply of labour

• A)The price of a firm's product increases.
• B)A country experiences an increase in immigrant labour.
• C)The wage rate increases.
• D)Technology makes workers more productive.

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Definitions:

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing full adjustment to changes.

Average-Total-Cost Curve

A graphical representation in economics that shows how the average total cost of production changes as the quantity of output is altered.

Marginal Cost

The elevation in costs incurred by the creation of an additional unit of a good or service.

Long-Run Equilibrium

A state in which all factors of production and economic inputs can be fully adjusted, and all market forces are balanced.