Which of the following statements is true?
A) At wages above the equilibrium wage rate, quantity supplied of labor exceeds the quantity demanded of labor.
B) At wages below the equilibrium wage rate, quantity supplied of labor exceeds the quantity demanded of labor.
C) At the equilibrium wage rate, quantity supplied of labor exceeds the quantity demanded of labor.
D) At the equilibrium wage rate, quantity demanded of labor exceeds the quantity supplied of labor.
A
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In the 1980s, the U.S. government forced Japanese automakers to limit their exports to the United States. The union representing the autoworkers (UAW), argued that otherwise the U.S. auto industry would have contracted
The UAW's argument is the ________ argument for protection. A) save domestic jobs B) national security C) anti-dumping D) infant-industry E) bringing diversity and stability
Assume a factory that currently employs 25 workers is considering adding another 5 workers to its payroll. Economists would classify this as:
A) a short-run decision. B) a long-run decision. C) neither a short-run nor a long-run decision. D) both a short-run and a long-run decision.