What is the name given to the price in a labor market?
A. The supply rate
B. The demand rate
C. The wage rate
D. The equilibrium rate
Answer: C
You might also like to view...
As inflation rates increase, money becomes less useful as a
A) store of value. B) double coincidence of wants. C) unit of account. D) medium of exchange.
Labor demand is considered a derived demand because producers do not demand labor for itself but only because labor is used to produce output that consumers desire
Indicate whether the statement is true or false
Continuing with the same family from the preceding question, what is the greatest (integer) number of vacation days the family would be willing to give up in order to guarantee a healthy vacation?
a. 3 b. 4 c. 5 d. 6
If the absolute price of a computer is $500 and the relative price of a dining room table is 3 computers, it follows that the absolute price of a dining room table is
A) $167. B) $750. C) $3,000. D) $30,000. E) none of the above