In General, the Labour Supply Curve

question 179

Multiple Choice

In general, the labour supply curve

• A)slopes downward because firms will hire fewer workers at higher wages.
• B)slopes upward because as the wage rises, the opportunity cost of leisure increases.
• C)is vertical at the equilibrium wage rate.
• D)is perfectly elastic at the equilibrium wage rate.

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Definitions:

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms, policies, or societal expectations.

Longitudinal Study

A research method that involves repeated observations of the same variables (e.g., people) over short or long periods of time to detect patterns, changes, and possibly predict future developments.

Genetic Factors

The aspects of an individual's genes or heredity that influence their characteristics, including physical traits, behaviors, and susceptibilities to certain conditions.

Primacy

The tendency to remember and give more importance to the first information we encounter about something, over data that comes later.