Which of the Following Is True About the Equilibrium Market

question 24

Multiple Choice

Which of the following is true about the equilibrium market wage?

• A) All workers are satisfied with the wage.
• B) All employers are satisfied with the wage.
• C) There is no unemployment in the market at the equilibrium wage.
• D) Competitive employers have market power with respect to the equilibrium wage.

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Definitions:

Total Sum Of Squares

A statistical measure representing the total variance in a dataset that is used to calculate the standard deviation and variance.

Sales

The exchange of goods or services for money; in a business context, it refers to the transactions leading to revenue.

Profits

Financial gains realized when the revenue earned from business activities exceeds the expenses, costs, and taxes involved in sustaining the activities.

Intercept

In the context of linear regression, this represents the expected value of the dependent variable when all independent variables are zero; it is the point at which the regression line crosses the y-axis.