The Figure Below Shows the Supply Curve for Labor

question 14

Multiple Choice

The figure below shows the supply curve for labor.Figure 16.1

-Refer to Figure 16.1. When wage rate increases from W₃ to W₅, then the:

• A)quantity of labor supplied increases from Q₁to Q₄.
• B)quantity of labor supplied decreases from Q₅ to Q₂.
• C)quantity of labor supplied increases from Q₂ to Q₄.
• D)quantity of labor supplied decreases from Q₄ to Q₂.
• E)quantity of labor supplied increases from Q₁ to Q5₄.

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Definitions:

Unemployment Rate

The share of the labor force that has no current job but is in the process of looking for one actively.

Computerization

The process of applying computer technology to automate tasks, processes, or functions in various fields.

Inflation Rate

The frequency at which the universal cost for goods and services climbs, consequently eroding purchasing efficacy.

George W. Bush

43rd President of the United States, serving from 2001 to 2009, known for his responses to the 9/11 terrorist attacks and initiating the Iraq War.