Suppose That the Market for Labor Is Initially in Equilibrium

question 493

Multiple Choice

Suppose that the market for labor is initially in equilibrium. Suppose that workers' tastes change so that they choose to retire at age 70 rather than age 67. Then the equilibrium wage

• A)and the equilibrium quantity of labor will rise.
• B)and the equilibrium quantity of labor will fall.
• C)will rise, and the equilibrium quantity of labor will fall.
• D)will fall, and the equilibrium quantity of labor will rise.

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Definitions:

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A mathematical symbol representing the concept of infinity, characterized by a loop that appears as a sideways figure eight (∞).

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