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

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

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

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some workers will begin to accept lower wages and, 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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Economics

Edition: 12^th

Author: Arnold

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kyaramarie318 Author

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Thanks

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