The equilibrium wage will definitely rise if:
a) Both the supply of labor and the demand for labor increase.
b) Demand for labor increases and the supply of labor is constant.
c) Demand for labor decreases and the supply of labor is constant.
d) Supply of labor increases and the demand for labor is constant.
Answer: b) Demand for labor increases and the supply of labor is constant.
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Which of the following statements is true?
A) Opportunity cost = explicit cost - implicit cost. B) Variable cost = wages + salaries + benefits. C) Total cost = fixed cost + variable cost. D) Total cost = fixed cost + implicit cost.
If the structural deficit is $750 billion and the cyclical deficit is $150 billion, it follows that the __________ is __________ billion
A) public debt; $900 B) total budget deficit; $600 C) total budget deficit; $900 D) net public debt; $600 E) none of the above