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

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

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

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

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

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

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

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none of the above

Textbook

Economics

Edition: 12^th

Author: Arnold

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More solutions for this book are available here

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janeniz Author

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Helped a lot

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