If the graph shown is displaying a competitive market and the market is currently offering a wage less than P*:
A. firms will have a hard time finding employees.
B. there would be excess workers who want to work at that wage.
C. there would be unemployment in the market.
D. firms would be forced by government to adjust their wages back to equilibrium.
Answer: A
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Each point on the demand curve reflects
A) all the wants of a given household. B) the highest price consumers are willing and able to pay for that particular unit of a good. C) the highest price sellers will accept for all units they are producing. D) the lowest-cost technology available to produce a good.
The WTO authorized several countries to impose about $150 million in trade sanctions against the United States in retaliation for a U.S. import law that the WTO ruled to be illegal. The organization that issued this ruling against the United States is known as the:
A. Wealth Technology Order. B. Wage Tariff Objective. C. Welfare Tax Order. D. World Trade Organization.