An increase in the price of labor used to produce good Y will lead to
A) an increase in the market clearing price of good Y.
B) an increase in the supply of good Y.
C) a decrease in the demand for good Y.
D) an increase in the demand for good Y.
Correct Answer:
Verified
Q61: Holding demand constant, a reduction in supply
Q62: Q66: The price of a good always changes Q68: The decrease in the price of gasoline Q71: In the labor market, adjustments to changes Q72: Some oil refineries were damaged by Hurricane Q74: Holding supply constant, an increase in demand Q75: Holding supply constant, a reduction in demand Q78: Holding demand constant, an increase in supply Q80: An increase in supply, other things being
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