Which of the Following Events Would Cause an Increase in the Labour

question 185

Multiple Choice

Which of the following events would cause an increase in the labour supply curve?

• A)a lower retirement age
• B)more married women deciding to work
• C)fewer married men deciding to work
• D)tighter restrictions on immigration policy

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Definitions:

Prices

The amount of money required to purchase a good or service, determined by factors like supply, demand, and market competition.

Marginal Rate

The rate at which a quantity increases or decreases as a result of a unit change in another variable, often used in the context of taxation or utility.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with cheaper alternatives.

Income Effect

The change in an individual's consumption patterns due to a change in their real income, typically following a price change of goods.