A decrease in the demand for labor can be expected to cause _____ in the equilibrium...
A decrease in the demand for labor can be expected to cause _____ in the equilibrium wage and _____ in the equilibrium quantity labor employed, all else the same.
decrease : an increase (incorrect)
a decrease : a decrease
an increase : a decrease
an increase : an increase
Homework Answers
Answer
Option 2
a decrease : a decrease
The decrease in the demand shifts the demand curve to the left which decreases both wage and labor employed.
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A decrease in the demand for labor can be expected to cause
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