The Supply Curve of Truck Drivers Is Upward Sloping and Demand

question 76

Multiple Choice

The supply curve of truck drivers is upward sloping and demand curve is downward sloping. A reduction in the price of hauling freight by truck relative to the price of hauling freight by rail will ____ the equilibrium wage of truck drivers and ____ the number of drivers employed.

• A) decrease; decrease
• B) decrease; increase
• C) increase; decrease
• D) increase; increase

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Definitions:

Critical Thinking

The ability to engage in reflective and independent thinking, allowing an individual to analyze and evaluate an issue or situation to form a judgment.

Stress Hormones

Biochemicals released in the body in response to stress, which prepare the body to face a threat or flee to safety, such as cortisol and adrenaline.

Creativity

The ability to generate new and original ideas, solutions, or artistic expressions, which challenge conventional boundaries.

Conscious Mind

The aspect of mental processes and activities which a person is aware of at any given time.