If the Wage Rate in a Purely Competitive Labor Market

question 62

Multiple Choice

If the wage rate in a purely competitive labor market decreases,it will cause the:

• A) labor supply curve for the industry to shift rightward.
• B) labor supply curve for a single competitive firm to shift leftward.
• C) marginal resource cost for a single competitive firm in the industry to decrease.
• D) marginal resource cost for a single competitive firm in the industry to increase.

---

Definitions:

Depreciation

The process by which tangible assets lose value over time due to use, wear and tear, or obsolescence.

Internal Audit Committee

A committee within an organization tasked with overseeing the internal audit functions, including compliance with laws, regulations, and standards of conduct.

Separate Budgets

The practice of creating distinct financial plans for different departments, projects, or activities within an organization to ensure proper allocation and management of resources.

Types Of Endowments

Different classifications of financial assets donated to institutions or organizations that are intended to be invested to generate earnings to support the donor’s specified purpose.