Job rationing occurs when the real wage is ________ the equilibrium level and there is a ________ of labor

A) below; surplus
B) equal to; shortage
C) above; surplus
D) above; shortage
E) below; shortage

C

Economics

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Suppose a soccer coach has been making $25,000 per year but gives up his coaching job in order to make lace doilies. If his revenue from the sale of these doilies is $50,000 and his materials cost $20,000 . then his economic profit is

a. $5,000 b. $25,000 c. $30,000 d. $50,000 e. $80,000

Economics

The law of one price works well for heavily traded commodities, either at a point in time or for changes over time.

Answer the following statement true (T) or false (F)

Economics