Ceteris Paribus,if the Cost of Daycare Increases Causing Some Workers

question 93

Multiple Choice

Ceteris paribus,if the cost of daycare increases causing some workers to leave the labor market and stay home with their children:

• A) There is movement up the labor supply curve.
• B) There is movement down the labor supply curve.
• C) The labor supply curve shifts to the right.
• D) The labor supply curve shifts to the left.

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Definitions:

Desert Island

A remote, uninhabited island, often used in hypothetical scenarios or survival narratives.

Competitive Equilibrium

A market state where supply equals demand, with no external influences, and prices are such that the quantity supplied is equal to the quantity demanded.

Utility Function

A mathematical representation in economics of how a consumer's preferences correspond to the consumption of goods and services.

Endowed

Possessing a particular resource, asset, or attribute, either naturally or through a transfer, such as being given a sum of money or property.