Refer to the information provided in Figure 13.1 below to answer the questions that follow. Figure 13.1
-Refer to Figure 13.1. According to classical economists if the wage rate is $6, the wage rate will ________ to eliminate the ________.

Question

Refer to the information provided in Figure 13.1 below to answer the questions that follow.  Figure 13.1
-Refer to Figure 13.1. According to classical economists if the wage rate is $6, the wage rate will ________ to eliminate the ________.

Quizplus · Accepted Answer

Classical economists believe that if the wage rate is below the equilibrium level, there will be a shortage of labor, causing the wage rate to increase to eliminate the shortage.

Refer to the Information Provided in Figure 13