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Figure 18-10 -Refer to Figure 18-10. If the Relevant Labor Demand Curve

Question 464

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Figure 18-10 Figure 18-10 -Refer to Figure 18-10. If the relevant labor demand curve is D<sub>2</sub> and the current wage is W<sub>1</sub>, A) there is a surplus of labor. B) there is a shortage of labor. C) the quantity of labor supplied exceeds the quantity of labor demanded. D) workers are failing to take into account the work-leisure tradeoff in deciding what quantity of labor to supply at alternative wages.
-Refer to Figure 18-10. If the relevant labor demand curve is D2 and the current wage is W1,


A) there is a surplus of labor.
B) there is a shortage of labor.
C) the quantity of labor supplied exceeds the quantity of labor demanded.
D) workers are failing to take into account the work-leisure tradeoff in deciding what quantity of labor to supply at alternative wages.

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