a. If wages in the retail industry increase (assume that the retail industry requires similar skills as the fast-food industry), the point representing the equilibrium wage and quantity of workers will move down and to the left along the market supply curve for labor. the market supply curve for labor will shift to the right. the market supply curve for labor will shift to the left. the point representing the equilibrium wage and quantity of workers will move up and to the right along the market supply curve for labor.

a. If wages in the retail industry increase (assume that the retail industry requires similar skills as the fast-food industry), the point representing the equilibrium wage and quantity of workers will move down and to the left along the market supply curve for labor. the market supply curve for labor will shift to the right. the market supply curve for labor will shift to the left. the point representing the equilibrium wage and quantity of workers will move up and to the right along the market supply curve for labor.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter12: Labor Markets And Labor Unions

Section: Chapter Questions

Problem 1.1P

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