If the Supply of Labor Increases,then the Equilibrium Wage Rate

question 92

Multiple Choice

If the supply of labor increases,then the equilibrium wage rate ________ and the equilibrium quantity of labor ________.

• A) rises; increases
• B) might rise, fall, or not change; increases
• C) rises; might increase, decrease, or not change
• D) falls; increases
• E) falls; does not change

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Definitions:

Household

A social unit consisting of individuals living together in a dwelling, typically bonded by kinship or economic ties.

Family

A social unit consisting of individuals who are connected by blood, marriage, or adoption, functioning as a single household and participating in various emotional, economic, and social duties.

Endogamy

Marriage within a particular group or category of individuals.

Exogamy

A social arrangement in which individuals are required to marry outside their social group, clan, or tribe, promoting alliances and diversity in genetic contribution.