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Previous Page Next Page Page 4 of 20 Question 4 (2.5 points) Saved Assume the labor market is initially at equilibrium and the real wage

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Previous Page Next Page Page 4 of 20 Question 4 (2.5 points) Saved Assume the labor market is initially at equilibrium and the real wage is flexible. Now suppose you observe the equilibrium real wage decreasing and labor increasing after a shock hits the economy. This must mean that a Positive labor supply shock occurred in the labor market. Negative labor demand shock occurred in the labor market. Positive labor demand shock occurred in the labor market. Negative labor supply shock occurred in the labor market. Previous Page Next Page Page 4 of 20

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