In a Competitive Market, What Happens to the Equilibrium Wage

question 140

Multiple Choice

In a competitive market, what happens to the equilibrium wage?

• A) It differs among industries.
• B) It is equal to the marginal product of the labor..
• C) It is determined by the intersection of curves representing the demand for and the supply of imports.
• D) It is the same in all industries.

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Definitions:

Operational Plan

A detailed plan outlining how a team or department will contribute to the achievement of the organization’s strategic goals.

Chief Executive Officer

The highest-ranking executive in a company or organization, responsible for overarching strategies and operations.

Board Members

Individuals elected or appointed to oversee the activities of a company or organization, providing governance, strategic direction, and oversight.

Staff

Individuals employed by an organization, particularly those on the payroll who contribute to the execution of tasks and functions.