If Wages Drop Below the Market Equilibrium Level in a Competitive

question 7

Multiple Choice

If wages drop below the market equilibrium level in a competitive labor market:

• A) firms will demand more labor than workers are willing to supply.
• B) firms will be able to offer lower wages and still fill all the jobs they have.
• C) unemployment will persist until the wage increases.
• D) All of these statements are true.

Understand the importance and methodology of adapting business models in response to market changes.

Comprehend the components and significance of a compelling Customer Value Proposition (CVP).

Recognize different approaches and frameworks in developing business models and CVPs.

Distinguish between business models, business plans, and their respective purposes and structures.