If the labor market is in equilibrium and then the labor supply curve shifts rightward
A) there will be a shortage of labor at the original equilibrium wage rate.
B) there will be a surplus of labor at the original equilibrium wage rate.
C) the equilibrium wage rate will rise.
D) there will be a surplus of jobs at the new equilibrium.
B
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As the banking system in the United States evolves, it is expected that
A) the number and importance of small banks will increase. B) the number and importance of large banks will decrease. C) small banks will grow at the expense of large banks. D) the number and importance of large banks will increase.
The supply curve that monopsonists face is different from the supply curves that firms in competitive labor markets face because with a monopsony,
a. many more workers are hired to produce the larger amount of output b. the supply curve of labor is relatively flat c. offering a wage lower than the market wage means having no workers d. the employer faces the market supply curve of labor e. the firm takes the market wage rate as given