Suppose the Labor Market Is in Equilibrium

question 273

Multiple Choice

Suppose the labor market is in equilibrium.Which of the following statements is false?

• A)The equilibrium wage rate is equal to the marginal revenue product of labor.
• B)At the equilibrium wage, the quantity of labor demanded equals the quantity of labor supplied.
• C)Some workers will earn more than the equilibrium wage.
• D)At the equilibrium wage, the demand for labor is equal to the supply of labor.

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Definitions:

Secure Individuals

People who display confidence and self-assurance, often as a result of stable attachments and positive relationships.

Secure

In Bartholomew’s adult attachment style typology, individuals who have a positive view of themselves and a positive model of others, expecting close others to be supportive and available.

Modal Personal Orientations

The typical or most common attitudes, behaviors, and orientations that an individual exhibits in various situations.

Enterprising Style

Refers to a personality trait or behavior characterized by initiative, competitiveness, and the desire to succeed or achieve.