If labor supply decreases, what will happen to the real wage rate, employment, and real output, assuming no change in labor demand?
a. The real wage will increase, employment will decrease, and real output will increase.
b. The real wage will decrease, employment will decrease, and real output will increase.
c. The real wage will increase, employment will decrease, and real output will decrease.
d. The real wage will increase, employment will increase, and real output will increase.
e. The real wage will decrease, employment will increase, and real output will increase.
C
You might also like to view...
Short-term international investment helps to create a greater level of liquidity, more stable exchange rates, and therefore a decreased likelihood of financial crisis
a. True b. False Indicate whether the statement is true or false
What control tool did the Chinese government use to control population mobility?
a. Hukou b. Armed police c. Passport d. Party Committee
If aggregate demand and aggregate supply both shift right, we can be sure that the price level is higher in the short run
a. True b. False Indicate whether the statement is true or false
________ is the yardstick used to compare living standards across nations
a. Investment level b. Output per capita c. Net export d. Interest rate