-Refer to the Graph Above to Answer This Question

question 145

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 equilibrium at c occurs?

• A)The supply of labour,the demand for labour,the wage rate and the equilibrium quantity have all increased.
• B)The demand for labour and the wage rate have both increased while the supply of labour and the equilibrium quantity have both decreased.
• C)The demand for labour and the wage rate have both increased while the supply of labour has decreased and the equilibrium quantity has not changed.
• D)The wage rate has increased,while both the supply of and demand for labour have decreased and the equilibrium wage has remained unchanged.
• E)The wage rate and the equilibrium quantity have increased while both the demand for and the supply of labour has increased.

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