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Posts: 130
2 months ago

Question 1.

What happens to the equilibrium wage and quantity of labor if output price rises?

• The equilibrium wage and the equilibrium quantity of labor rise.

• The equilibrium wage and the equilibrium quantity of labor fall.

• The equilibrium wage falls and the equilibrium quantity of labor rises.

• The equilibrium wage rises and the equilibrium quantity of labor falls.

Question 2.

Consider the market for opticians. What is likely to happen to the equilibrium wage and quantity of opticians if more and more people turn to laser eye surgery instead of wearing glasses or contact lens?

• The equilibrium wage and the equilibrium quantity of opticians rise.

• The equilibrium wage and the equilibrium quantity of opticians fall.

• The equilibrium wage rises and the equilibrium quantity of opticians falls.

• The equilibrium wage falls and the equilibrium quantity of opticians rises.
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Microeconomics
Edition: 7th
Authors:
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Answer verified by a subject expert
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2 months ago
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Answer 1

The equilibrium wage and the equilibrium quantity of labor rise.

Answer 2

The equilibrium wage and the equilibrium quantity of opticians fall.
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This site is awesome!
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Slight Smile Good luck on the rest
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