Which Statement Is FALSE

question 56

Multiple Choice

Which statement is FALSE?

• A)Our average workweek has declined by more than one third since 1900.
• B)Americans work more hours per year than workers in most other industrial nations.
• C)The number of paid holidays enjoyed by American workers has increased since the 1950s.
• D)American workers get more vacation time than workers in other industrialized nations.

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Definitions:

Purely Competitive

An idealized market structure in which there are many buyers and sellers, no barriers to entry or exit, and perfect information, leading to prices being determined by supply and demand.

Market Supply Curve

A graphical representation showing the total quantity of a good that sellers are willing and able to sell at various prices, holding all else constant.

Purely Competitive

A market structure characterized by a large number of small firms producing similar products, with easy entry and exit from the market, leading to price-taking behavior.

New Firms

New firms refer to businesses that have been recently established and are in the early stages of their operational life.