Which one of the following statements is incorrect? a) Equilibrium in a perfectly competitive labour market occurs where the demand for labour is equal to the supply of labour. b) Equilibrium in a perfectly competitive labour market occurs where the quantity of labour demanded is equal to the quantity of labour supplied. c) Equilibrium in a perfectly competitive labour market is the result of the interaction between the demand for labour and the supply of labour. d) The individual supply of labour bends backwards when the income effect becomes stronger than the substitution effect.

Which one of the following statements is incorrect? a) Equilibrium in a perfectly competitive labour market occurs where the demand for labour is equal to the supply of labour. b) Equilibrium in a perfectly competitive labour market occurs where the quantity of labour demanded is equal to the quantity of labour supplied. c) Equilibrium in a perfectly competitive labour market is the result of the interaction between the demand for labour and the supply of labour. d) The individual supply of labour bends backwards when the income effect becomes stronger than the substitution effect.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

ChapterP3: Market Structure

Section: Chapter Questions

Problem 9KC

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