In a competitive labor market for bakers, the equilibrium wage rate A. rises if the market price of bakery items falls OB. rises if new technology makes it easier for anyone to be a baker O c. falls if the supply of bakers decreases D. rises if bakers become more productive

In a competitive labor market for bakers, the equilibrium wage rate A. rises if the market price of bakery items falls OB. rises if new technology makes it easier for anyone to be a baker O c. falls if the supply of bakers decreases D. rises if bakers become more productive

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter25: The Supply Of And Demand For Productive Resources

Section: Chapter Questions

Problem 1CQ

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Question

In a competitive labor market for bakers, the equilibrium wage rate
..
A. rises if the market price of bakery items falls
OB. rises if new technology makes it easier for anyone to be a baker
OC. falls if the supply of bakers decreases
D. rises if bakers become more productive

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