Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

According to the classical economists , what is expected to happen when a wage of $30/hour results in unemployed (surplus of) workers? Group of answer

According to the classical economists , what is expected to happen when a wage of $30/hour results in unemployed (surplus of) workers?

Group of answer choices

a.The workers will go on strike to demand that more jobs be created.

b.The wage rate will drop, more workers will be hired, and the unemployment rate falls.

c.Producers will quickly create more jobs and hire the unemployed workers, so unemployment is short-lived

d. The government will step in and order firms to hire more workers.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Managerial Economics and Business Strategy

Authors: Michael R. baye

7th Edition

978-0073375960, 71267441, 73375969, 978-0071267441

More Books

Students also viewed these Economics questions