The labor demand curve slopes
a. upward to illustrate that the more productive the worker, the higher the real wage the employer is willing to pay that worker
b. upward to illustrate that the higher the wage rate, the fewer workers are demanded
c. upward or downward in direct proportion to the rate of inflation
d. downward to illustrate that the lower the real wage, the more workers employers are willing to hire
e. downward to illustrate that the availability of workers is directly proportional to the real wage
D
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If the price of a good is equal to the equilibrium price,
a. there is a surplus and the price will rise. b. there is a surplus and the price will fall. c. there is a shortage and the price will rise. d. there is a shortage and the price will fall. e. the quantity demanded is equal to the quantity supplied and the price remains unchanged.
An economy's ________ will fall if its real interest rate rises
A) labor supply B) real wage rate C) supply of credit D) real output