Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

When other labor markets that are relatively close have higher wage rates than the local labor market, the equilibrium wage rate in the local job

When other labor markets that are relatively close have higher wage rates than the local labor market, the equilibrium wage rate in the local job market will _____ and the equilibrium quantity of labor in the local labor market will _____.

A. decrease, decrease

B. decrease, increase

C. increase, decrease

D. increase, increase

Step by Step Solution

3.35 Rating (155 Votes )

There are 3 Steps involved in it

Step: 1

The correct answer is C increase decrease Suppose rel... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Economics

Authors: R. Glenn Hubbard

6th edition

978-0134797731, 134797736, 978-0134106243

More Books

Students also viewed these Economics questions

Question

recognize unresolved and critical issues regarding job crafting;

Answered: 1 week ago