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bananas87 bananas87
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A year ago
Assumptions of Classical Economics


Wage Rate  Supply
 of Labor		 Original Demand
        or Labor		  New Demand
      for Labor
$21​570​570​280​
13​350​790​350​
       Labor data in the table are in millions of workers.


Refer to the data in the table. The demand for labor changes from the original demand to the new demand. If firms enter into implicit contracts with workers not to cut wages, then the wage rate will remain at $21 and employment will ________.

▸ remain at 570 million

▸ rise to 790 million

▸ fall to 280 million

▸ fall to 350 million
Textbook 
Macroeconomics

Macroeconomics


Edition: 3rd
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