Multiple Choice
Job rationing occurs when the real wage rate is
A) below the equilibrium wage rate so there is an excess supply of labor.
B) above the equilibrium wage rate so there is a shortage of labor.
C) equal to the equilibrium wage rate so there is no excess supply of labor.
D) above the equilibrium wage rate so there is an excess supply of labor.
E) Both answers A and D are correct because whenever the real wage rate is above or below the equilibrium wage rate, there is an excess supply of labor.
Correct Answer:
Verified
Correct Answer:
Verified
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