Multiple Choice
Consider an economy in which all labor markets are perfectly competitive,all workers are equally able to do any job,and the nonwage attributes of all jobs are equally attractive to all workers.Which of the following would occur in a labor market where the current wage rate exceeds wage rates in alternate markets?
A) Labor demand will decrease,and the equilibrium wage rate will fall.
B) Labor demand will increase,and the equilibrium wage rate will fall.
C) Labor demand will increase,and the equilibrium wage rate will rise.
D) Labor supply will decrease,and the equilibrium wage rate will rise.
E) Labor supply will increase,and the equilibrium wage rate will fall.
Correct Answer:
Verified
Correct Answer:
Verified
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