Which of the Following Would Prevent a Labor Market from Being

question 61

Multiple Choice

Which of the following would prevent a labor market from being classified as perfectly competitive?

• A)It is difficult for new workers to enter the market.
• B)All workers have the same abilities.
• C)Exiting the market is easy for workers who are currently in the market.
• D)Both buyers and sellers of labor are well-informed about market conditions.
• E)Each firm hires only a tiny fraction of the total labor in the market.

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Definitions:

Tariff

A tax imposed by a government on goods and services imported from other countries, to regulate trade and protect domestic industries.

Protectionism

The economic policy of restricting imports from other countries through methods like tariffs and quotas to protect domestic industries.

Frederic Bastiat

Frederic Bastiat was a 19th-century French economist and writer known for his advocacy of free markets, individual freedoms, and his critiques of socialism.

Balance-Of-Trade Deficit

A situation where a country's imports exceed its exports, leading to a negative balance in trade.