Suppose the Market for Autoworkers Is Initially in Equilibrium, but Then

question 32

Multiple Choice

Suppose the market for autoworkers is initially in equilibrium, but then the demand for automobiles increases and simultaneously the automakers allow autoworkers workers less flexibility working at the plants. What happens in the market for autoworkers?

• A) The equilibrium wage rate will increase and the equilibrium quantity of labor will increase, decrease or stay the same.
• B) The equilibrium wage rate will increase, decrease or stay the same and the equilibrium quantity of labor will increase.
• C) The equilibrium wage rate and the equilibrium quantity of labor will both decrease.
• D) The equilibrium wage rate will decrease and the equilibrium quantity of labor will increase.

Comprehend the significance of job satisfaction measures and their implications for organizational effectiveness.

Distinguish between the concepts of voluntary and involuntary turnover and their impacts on organizations.

Understand the role of stock options, job embeddedness, and realistic job previews in employee retention.

Differentiate between various types of employment arrangements (part-time, leased, contingent) and their organizational implications.

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Definitions:

Alternative Solutions

Different strategies, options, or approaches considered for solving a problem or achieving an objective.

Problem Definition

involves identifying and outlining the specifics and boundaries of an issue that needs resolution.

Creativity

The ability to produce original and unusual ideas, or to make something new or imaginative.

Decision Making

The act of determining choices by pinpointing a decision, accumulating information, and examining other possible answers.