Consider a Labor Market in Equilibrium

question 69

Multiple Choice

Consider a labor market in equilibrium. If the demand curve shifts to the right while the supply curve shifts to the left, then the wage rate in the market will ________.

• A) increase
• B) decrease
• C) remain unchanged
• D) either increase or decrease or remain unchanged

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Definitions:

Prescription Medications

Refers to drugs that cannot be legally obtained without a prescription from a physician to treat and manage specific medical conditions.

Self-fulfilling Prophecy

A forecast that, whether through direct or indirect means, fulfills itself by creating a loop of positive feedback between what is believed and the actions taken.

Paranoid

A state of mind characterized by irrational distrust or suspicion of others, often leading to misinterpretation of others' intentions as malevolent.

In-group Member

An individual who belongs to and identifies with a specific social group, leading to a sense of belonging and identity within that group.