Restricting Entry into a Particular Craft Is Likely to Cause

question 142

Multiple Choice

Restricting entry into a particular craft is likely to cause the wage in that craft to ________ and the quantity of labor employed in that craft to _______ .

• A) increase; increase
• B) increase; decrease
• C) decrease; increase
• D) decrease; decrease

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Definitions:

Limit by Agreement

"Limit by agreement" refers to contractual provisions where parties stipulate certain conditions or restrictions that limit their rights or obligations within the agreement.

Liquidated Damages

Pre-determined compensation agreed upon by parties in a contract for specific breaches, particularly delays.

Actual Damages

Compensation awarded to a plaintiff in a lawsuit for actual harm or loss incurred, as opposed to punitive or speculative damages.

Unenforceable

Describes a contract or agreement that, due to certain defects or limitations, cannot be legally upheld or compelled by a court.