-Refer to the Graph Above to Answer This Question

question 77

Multiple Choice

-Refer to the graph above to answer this question.Suppose that the original supply and demand curves for labour are S₁ and D₁ and that the market is in equilibrium at point e.What can you conclude has happened if a new equilibrium at b occurs?

• A)The supply of labour,the wage rate and the equilibrium quantity have all increased.
• B)Both the demand for labour and the wage rate have increased while the equilibrium quantity has decreased.
• C)The wage rate and the equilibrium quantity have increased while the supply of labour has decreased.
• D)The wage rate has increased while both the supply of labour and the equilibrium quantity have decreased.
• E)The wage rate and the equilibrium quantity have increased while both the demand for and the supply of labour has increased.

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Definitions:

Cognitive Categorization

A process in which the mind quickly sorts information into categories to function efficiently.

Psychoanalytic Tool

Techniques derived from psychoanalysis used to explore and understand the unconscious mind, motivations, and psychological conflicts.

Male Chauvinism

A belief or behavior of male superiority, often manifesting in discrimination or bias against women.

Self-fulfilling Prophecies

A belief or expectation that influences behaviors in a way that causes the belief to become true.