Multiple Choice
Consider the labor market for nurses, which initially is in equilibrium. Suppose the output price for nursing services increases. Holding all else equal, what effect will this have on the labor market for nurses?
A) The equilibrium wage will increase, and the equilibrium quantity of nurses will increase.
B) The equilibrium wage will increase, and the equilibrium quantity of nurses will decrease.
C) The equilibrium wage will decrease, and the equilibrium quantity of nurses will increase.
D) The equilibrium wage will decrease, and the equilibrium quantity of nurses will decrease.
Correct Answer:
Verified
Correct Answer:
Verified
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