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Answer briefly the following question in two or three sentences: If pilots and flight attendants agree...

Answer briefly the following question in two or three sentences:

If pilots and flight attendants agree to wage and benefit reductions in the wake of the financial difficulties in the airline industry, what impact would this have on the supply and demand in the market for airline service, assuming no other changes take place in this market?

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Answer #1

There won't be any change.The workers are laid off because the companies fail to pay them their existing wages.If workers agree to accept lower wages,then the firm can manage its losses.This won't reduce the demand for labor and the employment level will remain the same.

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