26 of 38 Assume that the labour market for IT consultants is competitive and clears. The supply of labour is Ls = 40 + 2W, and demand for labour is Lp = 400 - 4W, where L is the quantity of IT consultants and W is hourly wage. If current wage is $50, then O A. there is an excess supply of labour and the wage will increase. O B. there is an excess demand for labour and the wage will decrease. O C. there is an excess supply for labour and the wage will decrease. O D. there is an excess demand for labour and the wage will increase. Unsure