When the Market Wage Is Higher Than the Equilibrium Wage

question 84

Multiple Choice

When the market wage is higher than the equilibrium wage in an economy, _____.

• A)there is excess demand for labor
• B)there is unemployment
• C)the economy produces at full employment level
• D)the labor supply curve shifts to the left
• E)the labor demand curve shifts to the right

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Definitions:

Accounting Standards Codification

The collection and integration of the authoritative accounting standards for U.S. GAAP.

IASB

The International Accounting Standards Board, responsible for developing and publishing the International Financial Reporting Standards (IFRS).

GAAP

Generally Accepted Accounting Principles; the standard framework of guidelines for financial accounting.

Standard-Setting

The process of establishing norms or regulations that dictate the quality and safety of products, services, or systems within an industry.