-Refer to the Graph Above to Answer This Question

question 22

Multiple Choice

-Refer to the graph above to answer this question.Suppose that the original supply and demand curves for labour are S₁ and D₁ and that the market is in equilibrium at point e.What can you conclude has happened if a new wage rate of W₂ and quantity of Qb occur?

• A)Both the supply of and the demand for labour have decreased.
• B)The supply of labour has decreased and the demand has increased.
• C)The demand for labour has decreased and the supply has increased.
• D)W₂ is a non-equilibrium wage rate that may be the result of successful bargaining by a strong trade union.

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