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 fall.
B) and the equilibrium quantity of labor to rise.
C) to rise and the equilibrium quantity of labor to fall.
D) to fall and the equilibrium quantity of labor to rise.
Correct Answer:
Verified
Correct Answer:
Verified
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