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Loraine Loraine
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8 years ago
When the labor market is in equilibrium,
A) there is excess labor supplied, which keeps real GDP less than potential GDP.
B) there is full employment, which means that real GDP equals potential GDP.
C) the real wage rate falls to equal the nominal wage rate because real GDP is greater than potential GDP.
D) the real wage rate rises to allow real GDP to equal potential GDP.
E) there is full employment but real GDP might be greater than, less than, or equal to potential GDP.
Textbook 
Essential Foundations of Economics

Essential Foundations of Economics


Edition: 7th
Authors:
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Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.
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SmooothSmoooth
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8 years ago
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8 years ago
My pleasure Happy Dummy
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