Suppose in Chicago,at the going wage rate of $16.00 an hour,the quantity of lifeguards demanded exceeds the quantity supplied by 13,000 lifeguards.As a result,
A) there is a surplus of lifeguards in Chicago.
B) there is a shortage of lifeguards in Chicago.
C) the lifeguard labor market is in equilibrium in Chicago.
D) wage rates will probably fall in this market.
E) the demand for labor of lifeguards in Chicago will decrease.
Correct Answer:
Verified
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