After an Increase in the Demand for Construction Workers, the Market

question 217

Multiple Choice

After an increase in the demand for construction workers, the market will attain its new long-run equilibrium faster if

• A) wages are flexible.
• B) wages are inflexible, forcing new people to enter the market.
• C) unions restrict the number of new construction workers.
• D) people ignore the shortage in the short run.

---

Definitions:

Unadjusted

Describes raw or original data that has not been modified or corrected for factors that may affect interpretation, often used in the context of financial or statistical data.

Independent Variables

Variables in an experimental or observational study that are manipulated or categorized to determine their effect on dependent variables.

Coefficient Of Determination

A measure used in statistical analysis that assesses the explanatory power of a model, typically represented as R².

Residuals

Differences between observed and predicted values in a statistical model, indicating the error or unexplained variance.