If Wage Rates Are Set in Long-Term Contracts and Suddenly

question 51

Multiple Choice

If wage rates are set in long-term contracts and suddenly the demand for labour decreases,then

• A)the quantity demanded is more than the quantity supplied.
• B)the equilibrium wage rises to equate demand and supply.
• C)there is no change.
• D)the quantity demanded is less than the quantity supplied.
• E)there is a shortage of labour.

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Definitions:

Debt Ratio

A financial ratio that measures the extent of a company's or individual's leverage, calculated by dividing total liabilities by total assets.

Services Revenue

Income earned by a company through the provision of services to customers.

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account.

Asset Accounts

Accounts on a company's balance sheet that represent the resources owned by the company which have economic value and can provide future benefits.