Other Things Equal, One Would Predict That Market Wages Would

question 155

Multiple Choice

Other things equal, one would predict that market wages would be relatively high when

• A)the supply of labor is high.
• B)the demand for labor is low.
• C)the supply of labor is low.
• D)Both (a.) and (b.) are correct

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Definitions:

Breach of Contract

The violation of any agreed-upon terms or conditions in a contract, which may result in legal consequences for the offending party.

Cover

A remedy in sales law allowing a buyer to purchase replacement goods if the seller fails to make delivery.

Specific Performance

A legal remedy where a court orders the party breaching a contract to perform the contract's specific duties rather than paying monetary damages.

Assignee

A person or entity to whom rights or interests have been transferred by another, known as the assignor.