If both labor demand and labor supply fall, what will happen to the real wage, employment, and output?
a. The real wage will increase, real output will increase, but the effect on employment depends upon the magnitudes of the shifts.
b. The real wage will increase, but the effects of employment and real output depend upon the magnitudes of the shifts.
c. The real wage, employment, and real output will all decrease.
d. Employment and real output will decrease, but the effect on the real wage depends upon the magnitudes of the shifts.
e. The real wage, employment, and real output will all increase.
D
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A specified maximum amount of the good that may be imported in a given period of time is a
A) dumping limit. B) tariff. C) quota. D) sanction. E) forcible limit.
Open market operations refer to the purchase or sale of ________ by the Federal Reserve in order to influence the money supply
A) U.S. government bonds B) corporate bonds and stocks C) foreign currency D) commodities