The One Quirk That Labor Markets Have, Which Helps Explain

question 111

Multiple Choice

The one quirk that labor markets have, which helps explain why unemployment goes up so much in a recession is that:

• A) A price floor called a "minimum wage law" exists for the labor market
• B) Wages are flexible upward but "sticky" downward
• C) Firms are "demanders" of labor, rather than suppliers
• D) Machines could "replace" humans in the labor market

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Definitions:

Future Benefits

Prospective advantages or positive outcomes that are expected to occur as a result of current actions or investments.

Level 5 Leadership

The paradoxical combination of personal humility and professional will that makes a potent formula for the highest level of leadership success. Personal humility refers to consideration and service to others; professional will refers to conviction and fierce resolve. Together, these define the caring leader who is able to catapult a group or an organization from merely good to truly great. See caring leadership.

Personal Humility

The quality of having a modest or low view of one's own importance, often enhancing leadership by focusing on others' success.

Professional Will

A document that outlines a professional's intentions and instructions for managing their responsibilities and affairs in the event of their sudden incapacity or death.