According to Classical Economists, If the Quantity of Labor Demanded

question 69

Multiple Choice

According to Classical economists, if the quantity of labor demanded exceeds the quantity supplied, there is a

• A) surplus of labor and wages will rise.
• B) shortage of labor and wages will fall.
• C) shortage of labor and wages will rise.
• D) surplus of labor and wages will fall.

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Definitions:

Sociology

The scientific study of society, including patterns of social relationships, social interaction, and culture.

Economics

A branch of social science that investigates the decision-making processes of individuals, governments, companies, and countries when distributing limited resources to fulfill their endless desires.

Weekend

The period from Friday evening through Sunday evening, specifically considered a time for leisure and rest from the workweek.

Original Bundle

In economics, this term refers to a specific combination of goods held by a consumer before any changes in constraints, such as budget or prices.