Which of the Following Helps to Explain Why the Supply

question 36

Multiple Choice

Which of the following helps to explain why the supply curve of labour is upward sloping?

• A)The supply curve of labour is a derived supply curve; since the output supply curve is upward sloping, so is the labour supply curve.
• B)As the wage rate rises, the income effect causes the quantity of labour supplied to increase.
• C)The substitution effect of a price change makes a good more expensive relative to other goods.
• D)As the wage rate rises, the opportunity cost of leisure rises.

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Definitions:

Organizational Structure

The framework within which an organization arranges its lines of authority and communications, and allocates rights and duties.

Duplicate Work

Replicating tasks or efforts unnecessarily, often leading to inefficiency and waste of resources.

Similar Tasks

Tasks that share common features or objectives, requiring similar skills or processes to complete.

Bureaucracy Structure

A hierarchical organizational structure characterized by fixed areas of responsibility, a defined hierarchy of authority, and a set of rules and procedures to control operations and decision-making.