-Refer to Figure 17

question 121

Multiple Choice

-Refer to Figure 17.2.If the supply of labor increases,then equilibrium wage will ________ and equilibrium quantity of hours will ________.

• A) rise; fall
• B) fall; fall
• C) rise; rise
• D) fall; rise

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Definitions:

Average Number

The central value of a set of numbers, calculated by dividing the sum of all numbers by the count of those numbers.

System

A set of interconnected components that work together to achieve a particular goal or perform a specific function.

Little's Law

A principle in queueing theory stating that, under steady state conditions, the long-term average number of customers in a stationary system is equal to the long-term average effective arrival rate multiplied by the average time a customer spends in the system.

Average Number

The average number represents the central value or the arithmetic mean obtained by dividing the sum of a set of numbers by the count of numbers in the set.