A measure defined at a point in time is called a(n) ________ variable.

A backward-bending portion of an individual labor supply curve is most likely to be observed: a. at lower wages

b. at higher wages. c. in manufacturing industries. d. in service industries.

If both labor demand and labor supply fall, what will happen to the real wage, employment, and output?

a. The real wage will increase, real output will increase, but the effect on employment depends upon the magnitudes of the shifts. b. The real wage will increase, but the effects of employment and real output depend upon the magnitudes of the shifts. c. The real wage, employment, and real output will all decrease. d. Employment and real output will decrease, but the effect on the real wage depends upon the magnitudes of the shifts. e. The real wage, employment, and real output will all increase.