Which of the Following Would Shift a Market Labor Supply

question 495

Multiple Choice

Which of the following would shift a market labor supply curve to the left?

• A)a decrease in the price of output
• B)an increase in the price of output
• C)a labor-augmenting technological change
• D)better employment opportunities in a closely-related job

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Definitions:

Secondary Labor Market

Describes jobs characterized by lower pay, less job security, and fewer benefits compared to the primary labor market, often including part-time or temporary positions.

Legal Minimum Wage

The lowest hourly rate that employers can legally pay their workers, as mandated by government law.

Employment

The condition of having paid work or owning a business that generates regular income.

Winner-Take-All Markets

Economic markets in which a small number of participants receive a large majority of gains, while the rest receive little or nothing.