If at a Particular Wage Rate in a Competitive Labour

question 42

Multiple Choice

If at a particular wage rate in a competitive labour market the quantity demanded of labour is less than quantity supplied of labour,then

• A)some workers will begin to accept lower wages and induce employers to hire more workers.
• B)there will be a shortage of labour,thereby increasing the equilibrium wage rate.
• C)the demand curve for labour will shift to the right.
• D)the supply curve for labour will shift to the right.
• E)a black market for labour will form,with firms offering workers very high wages.

Interpret complex medical terms by breaking them down into their components.

Apply knowledge of prefixes to understand medical diagnoses and treatments.

Develop a vocabulary of medical prefixes useful for interpreting medical documentation.

Enhance critical thinking skills by using context to determine the meaning of unfamiliar terms.

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Definitions:

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors.

Alternative Goods

Products or services that can be used in place of each other, offering consumers choices based on price, preference, or availability.

Free Trade

The absence of tariffs, quotas, or other government-imposed barriers to international trade, allowing goods to flow freely between countries.

Tariffs

Taxes imposed by a government on imported goods, typically used to protect domestic industries from foreign competition.