-Refer to Figure 17.2.If the demand for labor decreases,then equilibrium wage will ________ and equilibrium quantity of hours will ________.

Name: -Refer to Figure 17.2.If the demand for labor decreases,then equilibrium wage will ________ and equilibrium quantity of hours will ________.
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Question

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When the demand for labor decreases, the equilibrium wage decreases because employers are willing to pay less for labor, and the equilibrium quantity of hours worked also falls because there is less demand for workers.