If a Firm Buys Its Labor in a Competitive Market,then

question 44

Multiple Choice

If a firm buys its labor in a competitive market,then a short-run increase in the price of the firm's output will cause the firm to

• A) offer a higher wage.
• B) hire fewer workers.
• C) hire more workers.
• D) offer a lower wage.

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Definitions:

Alternative Work Arrangements

These are non-traditional work schedules or locations that differ from the standard 9-to-5 office job, including remote work, flexible hours, and part-time positions.

Advantages

The beneficial aspects or strengths that provide a competitive edge or contribute to greater success and achievement.

Disadvantages

The negative aspects or drawbacks associated with a situation, decision, or action.

Goal-Setting Theory

A psychological theory suggesting that establishing specific, challenging, and attainable goals can significantly motivate and enhance performance.