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Loraine Loraine
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8 years ago
In a labor market without an efficiency wage, minimum wage, or union wage, when the real wage rate exceeds the equilibrium real wage rate, there is a ________ of labor and the real wage rate will ________.
A) surplus; fall
B) shortage; fall
C) shortage; rise
D) surplus; rise
E) surplus; not change because only efficiency wages or union wages can change.
Textbook 
Essential Foundations of Economics

Essential Foundations of Economics


Edition: 7th
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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
You're welcome Happy Dummy
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