Which of the Following Will Not Cause the Supply of Labor

question 89

Multiple Choice

Which of the following will not cause the supply of labor curve to shift in the economics professor industry?

• A) A decrease in the wage rate for Ph.D. economists in the banking industry.
• B) A decrease in the number of courses a professor must teach.
• C) Universities have discovered a way to make professors more productive.
• D) University professors are going to be required to spend more time in their offices.

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Definitions:

Opportunity Cost

Opportunity cost represents the value of the best alternative that must be forgone as a result of choosing a particular action or decision over others.

Labor-saving Devices

Tools, machines, or systems that reduce the amount of labor needed to perform a task or produce a good.

Proprietor's Income

The income earned by the owners of unincorporated businesses for their labor and capital investment.

Salary

A fixed regular payment, usually expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.