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:

Labour Union

An organized association of workers formed to protect and further their rights and interests.

Proportional Representation

An electoral system in which the number of seats held by a political party in the legislature is proportionate to the number of votes received by that party in an election.

Political Economy

The interactions of politics, government and governing, and the social and cultural constitution of markets, institutions, and actors.

State Apparatus

Structures and institutions through which a state exercises its power and authority, including the government, military, police, and judicial systems.