In a labor market without an efficiency wage, minimum wage, or union wage, when the real wage rate exceeds the equilibrium real wage rate, there is a ------------- of labor and the real wage rate will-------------
.
A) surplus; rise
B) shortage; fall
C) surplus; not change because only efficiency wages or union wages can change.
D) shortage; rise
E) surplus; fall
Correct Answer:
Verified
Q75: The real wage rate is the-------------divided by
Q76: Which of the following statements is true?
A)According
Q77: A reason a nation faces diminishing returns
Q78: Efficiency wages, above equilibrium minimum wage rates,
Q79: At any given time, which factor of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents