The price that represents the shutdown point for a perfectly competitive firm corresponds to the _____.?

Suppose the current equilibrium real wage is $15 an hour. Which of the following is true?

a. A real wage above $15 an hour would lead to an excess demand for labor b. A real wage above $15 an hour would lead to an excess supply of labor c. The real wage must fall to prevent unemployment d. The real wage must rise to prevent unemployment e. A real wage below $15 an hour would lead to an excess supply of labor

Which of the following could be used to support the argument that the natural rate of unemployment has fallen in the last ten years?

A. The proportion of young people in the labor force is shrinking. B. Many people who would normally be counted as unemployed are behind bars. C. Workers are more insecure because of numerous plant closings and corporate downsizing, and as a result, are less likely to quit their jobs to look for work elsewhere. D. All of the choices are correct.