Labor Is a Resource That Is Necessary to Produce Many

question 126

Multiple Choice

Labor is a resource that is necessary to produce many goods."If the price of labor falls," says the economist,"the prices of goods will soon follow." How does this work?

• A) If the price of labor falls,the supply of goods rises,and the prices of those goods fall.
• B) If the price of labor falls,the quantity supplied of goods rises,and the prices of those goods fall.
• C) If the price of labor falls,the demand for goods falls,and the prices of those goods fall.
• D) If the price of labor falls,the demand for goods rises,and the prices of those goods fall.
• E) If the price of labor falls,the supply of goods falls,and the prices of those goods fall.

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Definitions:

Liable

Refers to the legal responsibility or obligation to do something or to make amends for something.

Injured Ankle

Typically refers to physical harm or damage to the ankle joint, which can involve bones, ligaments, or muscles.

Failure to Remove

The inability to eliminate or take away something as required or expected.

Act of God

An event outside of human control, such as a natural disaster, for which no one can be held responsible.