Multiple Choice
If both labor demand and labor supply fall,what will happen to the real wage,employment,and output?
A) The real wage will increase,real output will increase,but the effect on employment depends upon the magnitudes of the shifts.
B) The real wage will increase,but the effects of employment and real output depend upon the magnitudes of the shifts.
C) The real wage,employment,and real output will all decrease.
D) Employment and real output will decrease,but the effect on the real wage depends upon the magnitudes of the shifts.
E) The real wage,employment,and real output will all increase.
Correct Answer:
Verified
Correct Answer:
Verified
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