Which of the Following Helps to Explain Why the Supply

question 262

Multiple Choice

Which of the following helps to explain why the supply curve of labor is upward sloping?

• A)The supply curve of labor is a derived supply curve; since the output supply curve is upward-sloping so is the labor supply curve.
• B)As the wage rate rises, the income effect causes the quantity of labor supplied to increase.
• C)The substitution effect of a price change makes a good more expensive relative to other goods.
• D)As the wage rate rises, the opportunity cost of leisure rises.

Recognize the importance of environmental factors and community infrastructure in disease prevention.

Understand the historical development of public health initiatives and their impact on community health.

Analyze the role of government and non-governmental organizations in the advancement of public health.

Identify key figures and their contributions to public health and nursing.

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Definitions:

Factor Market

The marketplace for services of the factors of production (labor, land, capital) where these are bought and sold.

Circular-Flow Diagram

A visual representation emphasizing the economic interactions and monetary flow between households and firms within various markets.

Households

Units of individuals living together, typically sharing living expenses, and making joint decisions on consumption and financial matters.

Money

A means of trade employed to simplify the process of buying and selling goods and services.