refer to the following diagram of a competitive labor market. -Suppose the wage is currently W₃ and L₁ is the level of employment.Then we should expect the wage to: A)rise and employment to rise B)rise and employment to fall C)fall and employment to rise D)fall and employment to fall

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If the wage is currently W3 and L1 is the level of employment, then we should expect the wage to rise and employment to rise. This is because the wage is below the equilibrium wage, which is the wage that equates the quantity of labor supplied with the quantity of labor demanded. As the wage rises, more people will be willing to work, and businesses will be able to hire more workers.

Refer to the Following Diagram of a Competitive Labor Market