Suppose that this graph describes the current labor market for high school teachers: Given an initial wage of w*, then immediately following a decrease in supply:

Question

Suppose that this graph describes the current labor market for high school teachers:  Given an initial wage of w*, then immediately following a decrease in supply:

Quizplus · Accepted Answer

A decrease in labor supply, signified by a leftward shift of the supply curve, would indicate that fewer people would now work at the original equilibrium wage (and every other possible wage)so that there would be a shortage at that wage.

Suppose That This Graph Describes the Current Labor Market for High