The Labor ____ Curve(s)will Shift If There Is a Change

question 112

Multiple Choice

The labor ____ curve(s) will shift if there is a change in productivity or a change in the demand for the final product.

• A) supply
• B) demand
• C) supply and demand
• D) None of the above are correct. Changes in productivity and the demand for final products do not affect the labor market.

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Definitions:

Equilibrium

The state in a market where supply equals demand, leading to stable prices.

Immigration

The action of coming to live permanently in a foreign country. It can influence a country's economy, culture, and demographics.

Equilibrium Wage

The wage rate at which the quantity of labor supplied equals the quantity of labor demanded in the market, resulting in no unemployment.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choice.