If, for Any Reason, the Wage Is Held Above the Competitive

Multiple Choice

If, for any reason, the wage is held above the competitive equilibrium wage,

A) The quantity of labour supplied will exceed the quantity of labour demanded and there will be unemployment.
B) Unions will likely strike and the wage will fall to equilibrium.
C) The quantity of labour demanded will exceed the quantity of labour supplied and there will be a labour shortage.
D) The quality of workers in the applicant pool will tend to fall.