Suppose that the market for labor is initially in equilibrium. A decrease in the price of output will cause the equilibrium wage
a. and the equilibrium quantity of labor to rise.
b. and the equilibrium quantity of labor to fall.
c. to rise and the equilibrium quantity of labor to fall.
d. to fall and the equilibrium quantity of labor to rise.
b
You might also like to view...
As a result of an increase in tariffs, imports decrease and government revenue increases
Indicate whether the statement is true or false
For which of the following questions would consumer sovereignty provide an answer?
a. Will a shovel or bulldozer be used to excavate the ground? b. Should the government provide trash collection services in the community? c. Should we have universal health coverage provided by the government? d. Will large or small cars sell the most this year? e. Should there be numerous competitors offering long-distance phone service to the consumer?
Average labor productivity is determined by:
A. consumption, investment, government spending, and net exports. B. the number employed, unemployed, and the labor force participation rate. C. the real interest rate, the nominal interest rate, and the rate of inflation. D. the quantity and quality of human capital, physical capital, technology, natural resources, entrepreneurship, and the legal and political environment.
What is one role of the federal government's Department of Justice?
(A) To eliminate all barriers to entry. (B) To break up monopolies. (C) To encourage price fixing. (D) To provide businesses with loans for start-up costs.