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kyaramarie318 kyaramarie318
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9 months ago

If, at a particular wage rate in a competitive market, the quantity supplied of labor exceeds the quantity demanded 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 high, the quantity supplied of workers will increase further, and the quantity demanded will decrease further.



▸

some workers will begin to accept lower wages and, 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.

Textbook 
Economics

Economics


Edition: 12th
Author:
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moqamoqamoqamoqa
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9 months ago
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kyaramarie318 Author
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Thanks
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This helped my grade so much Perfect
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