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​Figure 53

Question 54

Multiple Choice

​Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. ​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 Q<sub>II</sub>. C) ​the quantity of labor demanded will fall from Q to Q<sub>I</sub>. D) ​the wage rate will move up, from $6 to $8. E) ​the wage rate will fall from $6 to $4.
-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.

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