If the supply of labor in a purely competitive labor market increases, then the product

A. demand curve will shift to the left.
B. supply curve will shift to the left.
C. supply curve will shift to the right.
D. demand curve will shift to the right.


Answer: C

Economics

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When the market price is above equilibrium then ____ and when the market price is below equilibrium, then ____.

A. quantity demanded is greater than quantity supplied; quantity supplied is greater than quantity demanded. B. quantity supplied is greater than quantity demanded; quantity supplied is greater than quantity demanded. C. quantity supplied is greater than quantity demanded; quantity demanded is greater than quantity supplied D. the market is in equilibrium; the market is in equilibrium.

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Market income is defined as wages, interest, rent, and profit earned in factor markets plus cash payments to households by the government

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Economics