Which of the following would NOT shift an industry's supply of labor curve?
A. Wage rates in other industries fall.
B. Working conditions within the industry become less desirable.
C. Wage rates in industries using similar labor rise.
D. The wage rate in the particular industry falls.
Answer: D
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A market with four firms in competition with each other has a equilibrium price of $6 and equilibrium quantity of 100,000. If the four firms form a cartel, the cartel, set price will be ________ than $6 and the set quantity will be ________ than 100,000.
A) greater; less B) less; greater C) greater; greater D) less; less
Recalling some historical detail of the chapter, the rapid growth of Boeing was primarily due to
a. competitive pricing policies b. strong advertising campaigns c. a horizontal merger with McDonnell Douglas d. a vertical merger with McDonnell Douglas e. a conglomerate merger with McDonnell Douglas
A good that delivers a high level of satisfaction to consumers is said to have a high level of ______.
a. equilibrium b. bounded rationality c. substitution d. utility
Money functions as a store of value if it allows you to:
Delay purchases until you want the goods Measure the value of goods in a reliable way Increase your confidence in money Make exchanges in a more efficient manner