1. Suppose wage in a certain labor market is $20 per hour, but this is above the market equilibrium wage. Thus, the quantity of labor supplied is 100 and the quantity demanded of labor is 92. If this were the situation in all labor markets across the country, we would say that Group of answer choices there is an excess demand for labor. there are not enough job positions for all willing workers. wages will soon increase. None of the other options. we have unemployment of 10%.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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1. Suppose wage in a certain labor market is $20 per
hour, but this is above the market equilibrium wage.
Thus, the quantity of labor supplied is 100 and the
quantity demanded of labor is 92. If this were the
situation in all labor markets across the country, we
would say that
Group of answer choices
there is an excess demand for labor.
there are not enough job positions for all willing
workers.
wages will soon increase.
None of the other options.
we have unemployment of 10%.
Transcribed Image Text:1. Suppose wage in a certain labor market is $20 per hour, but this is above the market equilibrium wage. Thus, the quantity of labor supplied is 100 and the quantity demanded of labor is 92. If this were the situation in all labor markets across the country, we would say that Group of answer choices there is an excess demand for labor. there are not enough job positions for all willing workers. wages will soon increase. None of the other options. we have unemployment of 10%.
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