S2 S1 w1 D2 D1 Ob 01 Qa Quantity of Land Refer to the graph above to answer this question. Suppose that the original supply and demand curves for labour are S, and D, and that the market is in equilibrium at point e What can you conclude has happened if a new wage rate of W. and quantity of Qb occur? Select one: O a. Both the supply of and the demand for labour have decreased. O b. W, is a non-equilibrium wage rate that may be the result of successful bargaining by a strong trade union. O C. The demand for labour has decreased and the supply has increased. O d. The supply of labour has decreased and the demand has increased. Wage rate
S2 S1 w1 D2 D1 Ob 01 Qa Quantity of Land Refer to the graph above to answer this question. Suppose that the original supply and demand curves for labour are S, and D, and that the market is in equilibrium at point e What can you conclude has happened if a new wage rate of W. and quantity of Qb occur? Select one: O a. Both the supply of and the demand for labour have decreased. O b. W, is a non-equilibrium wage rate that may be the result of successful bargaining by a strong trade union. O C. The demand for labour has decreased and the supply has increased. O d. The supply of labour has decreased and the demand has increased. Wage rate
Chapter16: The Markets For Labor, Capital, And Land
Section: Chapter Questions
Problem 13P
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Question
Please see the attached 92
Transcribed Image Text:S2
S1
w3
W2
W1
D2
D1
Qb Q1 Qa
Quantity of Land
Refer to the graph above to answer this question. Suppose that the original supply and demand curves for labour
are S, and D, and that the market is in equilibrium at point e
What can you conclude has happened if a new wage rate of W,and quantity of Qb occur?
Select one:
O a. Both the supply of and the demand for labour have decreased.
O b. W, is a non-equilibrium wage rate that may be the result of successful bargaining by a strong trade union.
O c. The demand for labour has decreased and the supply has increased.
O d. The supply of labour has decreased and the demand has increased.
Wage rate
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