Consider the labor market for heath care workers. Because of the aging population in the United States, the output price for health care services has increased. Holding all else equal, in the labor market for health care employees the equilibrium wage
a. increases, and the equilibrium quantity of labor increases.
b. increases, and the equilibrium quantity of labor decreases.
c. decreases, and the equilibrium quantity of labor increases.
d. decreases, and the equilibrium quantity of labor decreases.
a
You might also like to view...
Other things remaining constant, the only way to move along a given supply curve for a product is for:
a. Technological changes to occur b. The number of sellers to increase or decrease c. The price of resources used to produce the product to increase or decrease d. The product's price to increase or decrease
Explain the difference between American and European options.
What will be an ideal response?
Availability of Substitutes
What will be an ideal response?
Which of the following is an example of market "production," as used by economists?
A) Garvey takes out a low-cost government loan to start his pet-sitting business. B) Heidi makes a pizza for her family's dinner. C) Katrina works as a cashier at the local produce stand. D) The theatre and film studies department in Fine Art's College stages a play at the local theatre.