Which of the following statements about wages and the quantity of labor supplied is true?
a. The higher the wage rate, the lower quantity of labor supplied will be.
b. Wages and quantity of labor supplied have a negative relationship.
c. As the wage rate increases, the quantity of labor supplied increases.
d. A decrease in the wage rate leads to an increase in the labor supplied.
c. As the wage rate increases, the quantity of labor supplied increases.
You might also like to view...
The present value of $500,000 in 4 years at 7 percent interest is approximately:
A. $381,448. B. $655,398. C. $344,682. D. None of these statements is true.
"If the cost of college tuition goes up, then fewer people will go to college." This statement:
A. is always true. B. is true only if for some students the cost of college after the tuition increase exceeds the benefits of attending college. C. would never be true. D. ignores the opportunity costs of attending college.