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janeniz janeniz
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9 months ago

If, at a particular wage rate in a competitive market, the quantity demanded of labor exceeds the quantity supplied of labor, then



▸

the supply curve will shift to the left, the demand curve will shift to the right, and the surplus of labor will be eliminated.



▸

since wages are so low, the quantity supplied of workers will decrease further, and the quantity demanded will increase further.



▸

some workers will begin to demand higher wages, as a result, employers will begin to hire more workers.



▸

the supply curve will shift to the right, the demand curve will shift to the left, and the shortage of labor will be eliminated.



▸

none of the above

Textbook 
Economics

Economics


Edition: 12th
Author:
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GremGrem
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9 months ago
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