If the Demand for Labor Is Unchanged, an Increase in the Supply

question 92

Multiple Choice

If the demand for labor is unchanged, an increase in the supply of labor will lead to

• A)a decrease in the quantity of labor demanded and a decrease in the equilibrium wage.
• B)an increase in the quantity of labor demanded and a decrease in the equilibrium wage.
• C)an increase in the quantity of labor demanded and an increase in the equilibrium wage.
• D)a decrease in the quantity of labor demanded and an increase in the equilibrium wage.

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Definitions:

Doctrine

A belief, principle, or policy held by a person or organization, especially one taught by a church or political party.

Nonbreaching Party

In a contract, the nonbreaching party is the entity that has not violated any terms of the agreement.

Court

A legal institution where disputes are resolved, laws are interpreted, and justice is administered.

Contract Price

The agreed upon sum of money that a buyer will pay to a seller in exchange for the fulfillment of a service or delivery of a good.