In the labor market, adjustments to changes in supply and demand
A) usually occur instantly.
B) usually take time to occur.
C) do not apply, since the labor market does not respond to supply and demand forces.
D) do not apply, since wages in the labor market always go up.

Question

Quizplus · Accepted Answer

Labor market adjustments to changes in supply and demand usually take time to occur due to factors such as contractual agreements, skill development, and worker mobility. While wages may eventually adjust, it may not be an immediate response.

In the Labor Market, Adjustments to Changes in Supply and Demand