All else being equal,a decrease in the supply of labour will shift the labour supply curve to the left and decrease the equilibrium wage.

Name: All else being equal,a decrease in the supply of labour will shift the labour supply curve to the left and decrease the equilibrium wage.
Brand: Quizplus
Rating: 4.9 (33 reviews)

Question

Quizplus · Accepted Answer

A decrease in the supply of labor shifts the labor supply curve to the left, but it typically increases the equilibrium wage due to reduced labor availability.

All Else Being Equal,a Decrease in the Supply of Labour