-The Figure Above Shows the U

question 266

Multiple Choice

-The figure above shows the U.S.supply of labor curve.What was the affect of the decline in birth rates during the 1960s and 1970s on the supply of labor curve in the 1980s?

• A)a rightward shift of the supply of labor curve
• B)the supply of labor curve became steeper
• C)a movement downward along the supply of labor curve from a point such as A to a point such as B
• D)a leftward shift of the supply of labor curve
• E)None of the above answers is correct because there was no change in the supply of labor curve.

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Definitions:

Equilibrium Price

The price at which quantity demand is equal to quantity supplied.

Inflation

The rate at which the general level of prices for goods and services rises, eroding purchasing power over time.

High Interest Rates

A condition in the financial market where the cost of borrowing money is elevated, usually due to high inflation, increased demand for credit, or tight monetary policy.

Capital Item

Long-term assets or investments used in the production of goods and services, such as buildings, machinery, and equipment.