If the labor demand decreases, what will happen to the real wage, employment, and output, assuming no change in the labor supply?
a. The real wage will increase, employment will decrease, and real output will increase.
b. The real wage will decrease, employment will decrease, and real output will increase.
c. The real wage will increase, employment will decrease, and real output will decrease.
d. The real wage will increase, employment will increase, and real output will increase.
e. The real wage will decrease, employment will decrease, and real output will decrease.
E
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The Boskin Commission found that the CPI ______ the true inflation rate.
A. understates B. is independent of C. precisely measures D. overstates
Adaptive inflationary expectations are based on
A) monetary growth. B) all available information. C) previous inflation rates. D) price changes in futures markets.