Assume that this graph illustrates a perfectly competitive labor market.
If the supply of person-hours in this market shifts to the right, then the equilibrium wage will ______ and the equilibrium number of person-hours will ______.
A) fall; increase
B) increase; increase
C) stay the same; increase
D) fall; decrease
Correct Answer:
Verified
Q23: To derive the labor demand curve for
Q26: Technological advances that increase the marginal product
Q28: The optimal number of workers for a
Q29: The general rule governing the hiring of
Q33: A firm's demand for labor will increase
Q33: In a perfectly competitive labor market, if
Q34: If demand for the product you make
Q35: If the labor market in the United
Q40: Suppose it is observed that the equilibrium
Q41: Suppose that this graph describes the current
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents