A Graph Shows the Wage Rate of Factory Workers

question 339

Multiple Choice

A graph shows the wage rate of factory workers.The slope of the line is positive for periods when the wage rate is

• A) falling.
• B) rising.
• C) high and not changing.
• D) low and falling.
• E) high and falling.

---

Definitions:

Competitive Price-searcher

A market participant who actively compares prices among different suppliers to find the best deal.

Free Entry and Exit

A market condition where firms can enter or leave an industry without facing major obstacles or costs.

Economic Profits

The surplus remaining after total costs are deducted from total revenue, considering both explicit and implicit costs.

Economic Profit

The distinction in a corporation's gross income versus its overall charges, factoring in both apparent and assumed costs.