A decrease in the supply of musicians ________ the number of musicians employed, and ________ the wages paid to musicians.

Question

Quizplus · Accepted Answer

When the supply of musicians decreases, there are fewer musicians available to fill open positions, which will increase the wages paid to musicians because employers will need to offer higher wages to attract and retain talent. However, because there are fewer musicians available, the number of musicians employed will decrease.

A Decrease in the Supply of Musicians ________ the Number