If You Observed That the Both the Wage Rate and Employment

question 2

Multiple Choice

If you observed that the both the wage rate and employment increased,which of the following would be a possible explanation?

• A) A decrease in labor demand
• B) An increase in labor demand that outpaced an increase in labor supply
• C) A decrease in labor demand coupled with an increase in labor supply
• D) A decrease in labor supply
• E) An increase in labor supply that outpaced an increase in labor demand

Understand the concept of subjective assessment in determining probabilities.

Understand and apply different methods for establishing probabilities (method of equal alternatives, method of frequency, intuitive judgment, counting method).

Distinguish between situations where each outcome has a different probability and those where they do not.

Recognize that different methods can yield different probabilities for the same event.

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