Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market.
-Refer to figure 5.3. If people refuse to offer labor unless they receive a wage higher than the equilibrium wage, then:
A) there will be a shift in the equilibrium point.
B) the quantity of labor demanded will increase from Q to QII.
C) the quantity of labor demanded will fall from Q to QI.
D) the wage rate will move up, from $6 to $8.
E) the wage rate will fall from $6 to $4.
Correct Answer:
Verified
Q49: Figure 5.3. The figure shows the wage
Q50: Figure 5.3. The figure shows the wage
Q51: Figure 5.3. The figure shows the wage
Q52: Figure 5.3. The figure shows the wage
Q53: Figure 5.3. The figure shows the wage
Q55: Figure 5.3. The figure shows the wage
Q56: Figure 5.3. The figure shows the wage
Q57: Figure 5.3. The figure shows the wage
Q58: Figure 5.3. The figure shows the wage
Q59: Figure 5.3. The figure shows the wage
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