Which of the following would cause an increase in the equilibrium wage?
A) The supply of labor increases and the demand for labor decreases.
B) The supply of jobs increases less than the demand for jobs.
C) The demand for labor increases faster than the supply of labor.
D) The supply of labor increases more than the demand for labor.
C
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The figure above shows the market for private elementary school education in Chicago. There is no external cost of private elementary education. If the government does not intervene in this market, the deadweight loss equals
A) 0. B) $800,000. C) $1,600,000. D) more than $1,600,000. E) more than $800,000 and less than $1,600,000.
The government budget involves:
A. money coming in as tax revenues. B. money going out through government purchases. C. money going out to individuals for programs that do not involve goods or services. D. All of these are true.
Which of the following offers the best example of a positive externality?
a. A coastal dairy farmer's undeveloped land offers unimpeded views of the ocean for a nearby neighborhood. b. A pulp mill emits chlorine pollution into the water, harming members of society. c. A welding shop makes a lot of noise, reducing the property values of nearby homes. d. A person goes to a store and pay $0.75 for a candy bar that he can eat.
The amount of calendar time associated with the long run
A. varies by industry. B. is less than five years. C. is between one and five years. D. is greater than one year.