For Any Competitive Labor Market,what Change Would Have to Occur

question 146

Multiple Choice

For any competitive labor market,what change would have to occur to cause the labor supply to increase and shift the supply curve right?

• A) Number of firms increases
• B) Opportunity cost of work decreases
• C) Number of workers decreases
• D) Opportunity cost of work increases

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Definitions:

CPI

Consumer Price Index, a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.

Structural Steel Beams

Steel shapes used in construction that are designed to bear heavy loads and form the skeleton of buildings and bridges.

Consumer Price Index

An index measuring the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Competitive

A market situation wherein there are many sellers and buyers, leading to prices that reflect supply and demand.