Which of the Following Would Cause an Increase in the Equilibrium

question 6

Multiple Choice

Which of the following would cause an increase in the equilibrium wage?

• A) The supply of labour increases more than the demand for labour.
• B) The supply of jobs increases more than the demand for jobs.
• C) The demand for labour increases faster than the supply of labour.
• D) The supply of labour increases and the demand for labour decreases.

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Definitions:

Standard Costs

Predetermined costs for manufacturing a product or delivering a service, used as targets or benchmarks.

Variances

The differences between planned, budgeted, or standard costs and actual costs.

Widgets

A generic term often used to refer to any product or manufactured item for examples or hypothetical situations.

Fixed Factory Overhead

The regular, consistent costs associated with operating a factory that do not vary with production volume, such as rent, salaries, and utilities.