Use the Following to Answer Question(s): Wage Determination in Perfect

question 37

Multiple Choice

Use the following to answer question(s) : Wage Determination in Perfect Competition

-(Exhibit: Wage Determination in Perfect Competition) All other things unchanged, if the workers in this exhibit are construction workers and there is a slump in construction activity:

• A) the market wage of labor will increase.
• B) less labor will be hired.
• C) the supply of labor will fall.
• D) the demand for construction workers will increase.

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Definitions:

Central Tendency

A single number or value that describes the typical or central score among a set of scores.

Frequency Distribution

A mathematical function that shows the number of occurrences of each value of a variable, often represented in a table or graph.

Median

A measure of central tendency; the middle score in a distribution of scores that divides the distribution in half.

Mean

A measure of central tendency, obtained by summing scores and then dividing the sum by the number of scores.