Which of the following would cause an increase in the equilibrium wage?
A) The supply of labor increases and the demand for labor decreases.
B) The supply of jobs increases less than the demand for jobs.
C) The demand for labor increases faster than the supply of labor.
D) The supply of labor increases more than the demand for labor.
C
Economics
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If there are many close substitutes available for a good, its elasticity of demand will be higher
a. True b. False Indicate whether the statement is true or false
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The price elasticity of demand would most likely be the lowest for
A) a house. B) salt. C) a Toyota sport utility vehicle. D) Shell gasoline.
Economics