If, at a Particular Wage Rate in a Competitive Market

question 99

Multiple Choice

If, at a particular wage rate in a competitive market, the quantity demanded of labor exceeds the quantity supplied of labor, then

• A)the supply curve will shift to the left, the demand curve will shift to the right, and the surplus of labor will be eliminated.
• B)since wages are so low, the quantity supplied of workers will decrease further, and the quantity demanded will increase further.
• C)the wage rate will fall since the labor market is experiencing a surplus.
• D)the supply curve will shift to the right, the demand curve will shift to the left, and the shortage of labor will be eliminated.
• E)the wage rate will rise since the labor market is experiencing a shortage.

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