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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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