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drw92 drw92
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2 years ago
Consider a competitive labour market. If, at a particular wage rate, the quantity demanded of labour is less than quantity supplied of labour, then

▸ the supply curve for labour will shift to the right.

▸ the demand curve for labour will shift to the right.

▸ some workers will begin to accept lower wages and induce employers to hire more workers.

▸ a hidden market for labour will form, with firms offering workers very high wages.

▸ there will be a shortage of labour, thereby increasing the equilibrium wage rate.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
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kpot15kpot15
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2 years ago
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drw92 Author
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2 years ago
Thank you, thank you, thank you!
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