Question

Choose the statement that is incorrect. Select one: Labour services are the physical and mental work...

Choose the statement that is incorrect.

Select one:
Labour services are the physical and mental work effort that people supply to produce goods and services.
A labour market is a collection of people and firms who trade labour services.
The price of labour services is the wage rate.
Most labour services are traded on a contract, called a job.
All labour markets are competitive.

Homework Answers

Answer #1

Answer. All labour markets are competitive.

Explanation:The question is to identify the incorrect statement. All other statements are correct for the labour market except the last one. Not all labour markets are competitive. A competitive labour market would be one where there would be large number of labour suppliers and demanders. Thus only the market wage rate would prevail and no one sole party would be able to influence wage rates. But it is not the case in daily life. Somewhere labour suppliers are more and somewhere labour demanders are more. And thus either labour unions or firm unions are able to influence wage rates according to their likes.

Please upvote this answer.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
I need just answer! 1. Suppose Noah has an individual labour supply curve that is upward-sloping....
I need just answer! 1. Suppose Noah has an individual labour supply curve that is upward-sloping. Which of the following increases would Noah respond to, and how? Select one: a. the wage, by enjoying more leisure b. the wage, by working more hours per week c. the opportunity cost of leisure, by working fewer hours per week d. the opportunity cost of leisure, by taking vacations without pay 2. Which of the following does the neoclassical theory of labour predict...
Which of the following statement is correct? Select one: a. All the answers are incorrect. b....
Which of the following statement is correct? Select one: a. All the answers are incorrect. b. Calvin Klein, Liz Claiborne, The Gap, and other garment industry companies that manufacture clothing outside of the United States to control labor costs should not worry about the moral issues of human rights against their obligations to stockholders. c. According to the law of comparative advantage, countries can export goods and services they produce well and import those goods and services that others develop...
30-) Economists assume that business firms are trying to maximize: Select one: a. quantity of outputs...
30-) Economists assume that business firms are trying to maximize: Select one: a. quantity of outputs b. the value of outputs c. the difference between outputs and inputs d. the difference between the value of outputs and the value of inputs 36-) Which one is true? Select one: a. None. b. If the price elasticity of demand is bigger than one, and increase in price leads to a decrease in total revenue. c. Variable cost is the cost of the...
1. Management accounting is said to meet. Select one: A. The internal accounting needs of the...
1. Management accounting is said to meet. Select one: A. The internal accounting needs of the organisation B. The external accounting needs of the organization C. The regulatory requirements of the organisation D. The needs of laws that govern company financial reporting 2. Which of the following defines total product cost? Select one: A. Direct costs plus indirect costs of production, selling and administration B. A prime cost plus production overhead C. Indirect cost plus production overhead D. Prime cost...
1. In the markets for goods and services , in the circular-flow diagram, Question 1 options:...
1. In the markets for goods and services , in the circular-flow diagram, Question 1 options: households and firms are both buyers. households and firms are both sellers households are buyers and firms are sellers. households are sellers and firms are buyers. Question 2 (2.5 points) 2. The law of demand states , other things equal: Question 2 options: When the price of a good or service decreases, the quantity demanded decreases. When the price of a good or service...
please read and answer questions down below thank you Economics is a social science. It deals...
please read and answer questions down below thank you Economics is a social science. It deals with people’s behavior. As sociology, psychology and politics, economics is the study of human action. It shows individuals acting and doing some particular things or undertaking specific activities.                                         Economics studies how people and societies allocate scarce resources to produce goods and services, to distribute these goods and services, and to consume them in order to satisfy unlimited wants. So, in economics, we are...
practice quiz 1. A legal maximum price at which a good can be sold is a...
practice quiz 1. A legal maximum price at which a good can be sold is a price a. floor b. stabilization c. support d. ceiling 2. A price floor is not binding if a. the price floor is higher than the equilibrium market price b. the price floor is lower than the equilibrium market price c. people are willing to buy less when the price floor is imposed as they did before d. the government sets it 3. Rationing by...
________ client-centered therapy centers on the patient's goals and ways of solving problems. Select one: a....
________ client-centered therapy centers on the patient's goals and ways of solving problems. Select one: a. Rogers' b. Freud's c. Beck d. Ellis Question 2 Not yet answered Points out of 1.00 Flag question Question text A frequently prescribed drug therapy for managing one's depression is ____________. Select one: a. Adderall b. Lithium c. Prozac d. Thorazine Question 3 Not yet answered Points out of 1.00 Flag question Question text A major goal of modern inpatient psychiatric treatment is: Select...
1. Which is statement is true? I. A single-price monopolist charges a price equal to the...
1. Which is statement is true? I. A single-price monopolist charges a price equal to the marginal cost of the last unit sold. II. A monopolist with positive marginal costs and facing a linear demand curve always sets a quantity (or price) such that it sells on the elastic section of the demand curve. III. A monopolist regulated by marginal-cost pricing regulation sells at a price that covers its variable and fixed costs of production, but it still causes a...
1. Which is the most accurate definition of the study of economics? [1] Distributing surplus goods...
1. Which is the most accurate definition of the study of economics? [1] Distributing surplus goods to those in need. [2] Dealing with affluence in a morally bankrupt world. [3] Using scarce resources to satisfy unlimited human wants. [4] Reducing human wants to eliminate the problem of scarcity. 2. Computer software represents [1] labour. [2] land. [3] capital. [4] entrepreneurship. 3. Suppose you have graduated with a degree in accounting and are offered a job with an accounting firm. But...