If labor supply increases,the wage rate increases.

Name: If labor supply increases,the wage rate increases.
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Question

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According to the law of supply and demand, an increase in labor supply will lead to a surplus of workers in the market, which can lead to a lower wage rate due to increased competition for jobs. On the other hand, a decrease in labor supply could lead to a shortage of workers and a higher wage rate.

If Labor Supply Increases,the Wage Rate Increases