If the hourly wage rate is above the equilibrium wage,then

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When the hourly wage rate is above the equilibrium wage, it indicates that the wage rate is too high relative to the equilibrium point where the quantity of labor demanded is equal to the quantity of labor supplied. This means that the quantity of labor supplied is greater than the quantity of labor demanded, resulting in a surplus of labor. Employers would be willing to hire fewer workers at a higher wage rate, while employees would be willing to work more for a higher wage rate. As a result, there would be extra workers, leading to unemployment or underemployment.

If the Hourly Wage Rate Is Above the Equilibrium Wage,then