If the Graph Shown Is Displaying a Competitive Labor Market

question 80

Multiple Choice

If the graph shown is displaying a competitive labor market:

• A) S would represent an individual worker's supply of labor at each wage.
• B) S would represent the firm's supply of jobs at each wage.
• C) P* would represent the equilibrium wage.
• D) Q* would represent the equilibrium wage.

---

Definitions:

Federal Law

The body of law created by the federal government of a country, which applies to the entire nation and supersedes state laws in areas of federal jurisdiction.

Federal Trade Commission

A government agency established in 1914 to prevent unfair business practices and help maintain a competitive economy.

Unfair Practices

Business conduct that is unjust, deceptive, or fraudulent, often regulated under consumer protection laws.

Deceptive Practices

Actions or practices that mislead consumers or businesses, often involving false promises or misrepresentation of products or services.