Multiple Choice
refer to the diagram below, which represents a local labor market consisting of two submarkets. All workers are assumed to be identical.
-Assume that information is perfect,mobility between jobs is costless,and that all nonwage aspects of the two are identical.The outcome shown in the diagram:
A) represents an equilibrium
B) does not represent an equilibrium.The demand for labor in market A will shift rightward,and that in market B will shift leftward until wage rates equalize
C) does not represent an equilibrium.The supply of labor in market A will shift leftward,and that in market B will shift rightward until the wage rates equalize
D) does not represent an equilibrium.The supply of labor in market B will shift leftward,and that in market A will shift rightward until the wage rates equalize
Correct Answer:
Verified
Correct Answer:
Verified
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