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Suppose That the Market for Labor Is Initially in Equilibrium

Question 459

Multiple Choice

Suppose that the market for labor is initially in equilibrium. A decrease in the price of output will cause the equilibrium wage


A) and the equilibrium quantity of labor to rise.
B) and the equilibrium quantity of labor to fall.
C) to rise and the equilibrium quantity of labor to fall.
D) to fall and the equilibrium quantity of labor to rise.

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