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Figure: Equilibrium in the Labor Market

Question 47

Multiple Choice

Figure: Equilibrium in the Labor Market
(Figure: Equilibrium in the Labor Market) In the figure Equilibrium in the Labor Market, a decrease in the price of the good produced, when everything else stays the same, will lead to a(n)
________ in the equilibrium quantity of labor and a(n) in the equilibrium price of labor.


A) increase; increase
B) decrease; increase
C) increase; decrease
D) decrease; decrease

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