Use the Figure Below to Answer the Following Questions

question 62

Multiple Choice

Use the figure below to answer the following questions.

Figure 18.3.2
-Refer to Figure 18.3.2. Suppose this industry is initially in a monopsony situation and then the government introduces a minimum wage of $8 per hour. Choose the correct statement.

• A)The wage rate rises, but employment decreases.
• B)The wage rate rises, but employment stays the same.
• C)The wage rate rises to $8 per hour, and employment increases to 800 hours.
• D)The wage rate rises to $8 per hour, and employment increases to 600 hours.
• E)The wage rate rises to $8 per hour, and employment increases to 500 hours.

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Definitions:

Validity

The extent to which a test, measurement, or research accurately reflects or assesses the specific concept it is intended to measure.

Job Performance

The degree to which an employee successfully fulfills the roles, responsibilities, and tasks of their job position.

Validity

The accuracy with which a test or measurement assesses what it intends to measure.

Correlation Coefficients

Statistical measures that indicate the extent to which two variables fluctuate together.