Suppose the wage rate in a certain industry falls, yet firms hire fewer workers. The best explanation of this is that labor

Name: Suppose the wage rate in a certain industry falls, yet firms hire fewer workers. The best explanation of this is that labor
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When the wage rate falls but firms hire fewer workers, it implies that the demand for labor has fallen. This means that firms are not willing to hire as many workers at the lower wage rate, indicating a decrease in demand for labor.

Suppose the Wage Rate in a Certain Industry Falls, Yet