If the labor market is in equilibrium and then the labor supply curve shifts rightward
A) there will be a shortage of labor at the original equilibrium wage rate.
B) there will be a surplus of labor at the original equilibrium wage rate.
C) the equilibrium wage rate will rise.
D) there will be a surplus of jobs at the new equilibrium.
B
You might also like to view...
Assume that the supply curve is horizontal because marginal cost is constant at $10. John, Robert, and Jimmy each value one compact disc at $20 but only Jimmy and John value a second compact disc (Jimmy at $5 and John at $15). The maximum possible value achieved in this market is
a. $35. b. $60. c. $75. d. $80.
Answer the following statement(s) true (T) or false (F)
1. When both players have dominant strategies, there is one and only one Nash equilibrium. 2. In any game situation, at least one player always has a dominant strategy. 3. An outcome is a Nash equilibrium if and only if both players agree that the outcome is desirable. 4. The main problem in the Prisoners' Dilemma is that the players involved fail to agree on an outcome that would be mutually beneficial.
Suppose group price discrimination is possible but a firm chooses not to and sets the same price in each market. As a result
A) price elasticity of demand is the same in each market. B) the price-inelastic market will buy zero units. C) marginal revenue in the more price-elastic market exceeds marginal revenue in the less price-elastic market. D) the deadweight loss is less than if the firm price discriminated.
Long-run competitive equilibrium:
A. is realized only in constant-cost industries. B. will never change once it is realized. C. is not economically efficient. D. results in zero economic profits.