If the Demand Curve for a Good Is Horizontal and the Price

question 39

Multiple Choice

If the demand curve for a good is horizontal and the price is positive,then a leftward shift of the supply curve results in

• A) a price of zero.
• B) an increase in price.
• C) a decrease in price.
• D) no change in price.

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Definitions:

Competitive Labor Market

A market where numerous employers are actively seeking to hire and numerous individuals are seeking employment, with wages determined by the supply and demand for labor.

Wage Rate

The amount of compensation paid to an employee per unit of time worked, often expressed per hour or year.

MV

MV, short for "Mean Value," is a measure used in statistics and mathematics to denote the average or central value of a set of numbers.

PQ

PQ, in the context of mathematics, often stands for a specific pair of points or variables in an equation or algorithm, representing a particular problem or query to be solved.