The figure below shows labor supply and labor demand curves.
-Refer to the figure above.Assume that a shift in consumer preference causes the demand for a certain type of labor to shift downward.Assuming that there is downward wage rigidity,how will the wage rate and the quantity of labor demanded change?
A) The wage rate will decrease, and the quantity of labor demanded will decrease.
B) The wage rate will increase, and the quantity of labor demanded will increase.
C) The wage rate will remain the same, and the quantity of labor demanded will increase.
D) The wage rate will remain the same, and the quantity of labor demanded will decrease.
Correct Answer:
Verified
Q228: The following figure shows wage rate versus
Q229: The following figure shows curves for labor
Q230: The natural rate of unemployment _.
A) is
Q231: The figure below shows labor supply and
Q232: The following figure shows wage rate versus
Q234: Scenario: Truck drivers across the country are
Q235: The following table shows some labor statistics
Q236: The following figure shows wage rate versus
Q237: The following figure shows wage rate versus
Q238: The following table shows some labor statistics
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