If Something Happens to Alter the Quantity Supplied at Any

question 53

Multiple Choice

If something happens to alter the quantity supplied at any given price, then

• A)we move along the supply curve.
• B)the supply curve shifts.
• C)the supply curve becomes steeper.
• D)the supply curve becomes flatter.

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Definitions:

Unemployment

The situation where individuals who are able and willing to work cannot find employment.

Withdrawal Of Labor

The act of removing oneself from the labor force or stopping the supply of labor, often in the form of strikes or quitting a job.

Strike

The organized withdrawal of labor from a firm by a union.

Minimum-wage Laws

Legislation that sets the lowest hourly wage rate that an employer can legally pay its workers, aiming to ensure a minimum standard of living.