If more people enter the labor market for architects,then
A) both the wage rate and the employment level will increase.
B) both the wage rate and the employment level will decrease.
C) the wage rate will increase and the employment level will decrease.
D) the wage rate will decrease and the employment level will increase.

Question

Quizplus · Accepted Answer

When more people enter the labor market for architects, the supply of labor increases. This typically leads to a decrease in the wage rate due to the higher supply of workers. However, because employers can hire more architects at a lower wage, the employment level in the field is likely to increase.

If More People Enter the Labor Market for Architects,then