Which of the Following Is True of Labor Market Competition

question 28

Multiple Choice

Which of the following is true of labor market competition?

• A)Labor market focuses primarily on competing through providing quality product or service at a competitive price in the market.
• B)Labor market places an upper bound on labor costs and compensation.
• C)The upper bound placed by the labor market is more constrictive when labor costs are a very small share of the total costs.
• D)An indirect payment such as Social Security, a major component of labor costs, is not included in calculating the average cost of an employee.
• E)Labor market competition places a lower bound on pay levels.

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Definitions:

Collagen α-Chains

The triple helical strands that make up collagen, the main structural protein in various connective tissues.

Collagen

The primary structural protein found in skin and other connective tissues, widely known for providing strength and elasticity.

Elastic

A property of materials that allows them to resume their normal shape after being stretched or compressed.

Adipocyte

Fat cell.