-The Graph Shows the Labor Market for Painters

question 166

Multiple Choice

-The graph shows the labor market for painters.The lower the wage rate,the ________ is the quantity of painters that firms demand and the ________ is the quantity of painters that households are willing to supply.

• A) greater; smaller
• B) greater; greater
• C) smaller; greater
• D) smaller; smaller
• E) None of the above answers is correct because both the demand and supply curves will shift in response to the change in the wage rate.

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Definitions:

Independence

The state of being free from the control or influence of others, often referring to self-sufficiency in business operations.

Small Businesses

Enterprises characterized by fewer employees and lower revenue compared to larger companies.

Small Business Manager

A person responsible for overseeing and directing the operations of a small business.

Entrepreneur

An individual who initiates, organizes, and operates a business venture, taking on financial risk to do so.