All else equal, if the demand for labor increases and the supply of labor does not change, the equilibrium real wage will ________ and the equilibrium quantity of labor will ________
A) increase; increase
B) increase; not change
C) decrease; decrease
D) not change; increase
B
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The cross-price elasticity of demand between two goods that are substitutes can never be:
A. greater than one. B. positive. C. negative. D. less than one.
During an economic expansion, the demand for money ________ because ________
A) decreases; nominal GDP increases B) increases; real GDP increases C) increases; nominal GDP does not change D) does not change; people make more purchases with credit cards E) decreases; real GDP increases
For the perfectly competitive broccoli producers in California, the market demand curve for broccoli is
A) a horizontal line. B) downward sloping. C) nonexistent. D) upward sloping. E) the same as the demand curve each firm faces.
Refer to the table above. France will gain from trade so long as the international price of grapes measured in terms of textiles is below
A) $15. B) 3. C) 5. D) 8.