If, for Any Reason, the Wage Is Held Above the Competitive

question 1

Multiple Choice

If, for any reason, the wage is held above the competitive equilibrium wage,

• A) The quantity of labour supplied will exceed the quantity of labour demanded and there will be unemployment.
• B) Unions will likely strike and the wage will fall to equilibrium.
• C) The quantity of labour demanded will exceed the quantity of labour supplied and there will be a labour shortage.
• D) The quality of workers in the applicant pool will tend to fall.

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Definitions:

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