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In a Labor Market Without an Efficiency Wage,minimum Wage,or Union

Question 314

Multiple Choice

In a labor market without an efficiency wage,minimum wage,or union wage,when the real wage rate exceeds the equilibrium real wage rate,there is a ________ of labor and the real wage rate will ________.


A) surplus;fall
B) shortage;fall
C) shortage;rise
D) surplus;rise
E) surplus;not change because only efficiency wages or union wages can change.

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