1. Which of the following factors would likely lead to an increase in the demand for labor in a market? A. A decrease in the wage rate B. An increase in the price of capital C. A decrease in the demand for the final product D. An increase in the productivity of labor Correct answer: D. An increase in the productivity of labor Rationale: An increase in the productivity of labor would likely lead to an increase in the demand for labor as firms seek to hire more workers to take advantage of the increased output. 2. Which of the following factors would likely lead to a decrease in the supply of labor in a market? A. An increase in wages B. An increase in the population C. An increase in the availability of education and training programs D. An increase in the number of job vacancies Correct answer: A. An increase in wages Rationale: An increase in wages would likely lead to a decrease in the supply of labor as individuals may choose to work fewer hours or drop out of the labor force altogether if they can earn enough with fewer hours.

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jordancarter 7 months ago

This study guide is clear, well-organized, and covers all the essential topics. The explanations are concise, making complex concepts easier to understand. It could benefit from more practice questions, but overall, it's a great resource for efficient studying. Highly recommend!

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