Which of the following demonstrates how labor markets and markets for goods and services differ?
a. Whereas the goods and services market is affected by inflation, the labor market is
not usually affected.
b. Whereas the goods and services market dictates prices, the labor market does not
always determine wages.
c. Whereas the goods and services market is bolstered by an increase in demand, the
labor market usually experiences a downturn.
d. Whereas the goods and services market has an ideal equilibrium state, the labor
market does not.
b. Whereas the goods and services market dictates prices, the labor market does not
always determine wages.
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In the above figure, a rent ceiling of $500 per month would
A) not affect the equilibrium quantity. B) create a shortage. C) raise the rent and cause a surplus. D) reduce the rent and create a surplus.
A congressman states, "If a government attempts to increase employment through increased government spending, all we will end up with is a higher price level." This congressman assumes that the
A) aggregate demand curve is a horizontal line. B) aggregate demand curve is a vertical line. C) aggregate supply curve is a horizontal line. D) aggregate supply curve is a vertical line.
If a consumer's budget line for food (F) and shelter (S) is represented as F = 250 - 5S, we know that
A) the consumer's income is 250. B) the price of shelter is 5. C) the price of shelter is 5 times the price of food. D) All of the above.
In conditions of monopolistic competition,
a. each firm charges the same price. b. there are only two producers. c. there are many firms. d. products are identical.