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Equilibrium quantity of labor

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Reference no: EM131861633

Suppose that in a competitive output market, firms hire labor from a competitive labor market (so that the profit maximization conditions for hiring labor are as we discussed in class). If the supply of this kind of labor decreases, we would expect which of the following regarding the equilibrium wage, w, and the equilibrium quantity of labor, L, employed?

A) a decrease in w and a decrease L.

B) a decrease in w and no change in L.

C) an increase in w and a decrease L.

D) none of the other options.

E) increase in w and an increase in L.

Reference no: EM131861633

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