Suppose that this graph describes the current labor market for high school teachers:
Given an initial wage ofw*, then immediately following a decrease in supply:
A) there will be a shortage of high schoolteachers.
B) there will be an excess supply of high schoolteachers.
C) the reservation wage of each remaining teacher will fall.
D) the equilibrium wage will fall.
Correct Answer:
Verified
Q28: The optimal number of workers for a
Q33: In a perfectly competitive labor market, if
Q34: If demand for the product you make
Q36: Assume that this graph illustrates a perfectly
Q40: Suppose it is observed that the equilibrium
Q49: A reduction in workers' marginal productivity would
Q54: A decrease in demand for a firm's
Q76: Taken together, factors such as education, training,
Q77: Which of the following is not a
Q80: A labor union in a labor market
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