When there is a decrease in labor supply, real wages are likely to
A) remain the same. B) decrease.
C) increase. D) allow less leisure time.
C
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The United States is a leading exporter of wheat. What explains the comparative advantage of the United States in wheat production?
A) a large supply of unskilled labor B) positive externalities C) investment by multinational firms such as Archer-Daniels-Midland and Tyson Foods Inc. D) climate and soil conditions in the United States which are well-suited for wheat production
Which of the following is most accurate about the US during World War I?
a. Long-standing nationalistic and imperialistic rivalries produced a dangerous political situation. b. The continent had experienced several major wars in the preceding decades. c. Industrialization and a greater commitment to international trade had created rapidly rising standards of living. d. There was rising solidarity among the labor movements of different nations.