Other things held constant in a competitive labor market

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Other things held constant in a competitive labor market, if workers negotiate a contract in which the employer agrees to pay an hourly wage of $17.85 while the market equilibrium hour rate is $16.50, the: a)

a) supply of labor will decrease until the equilibrium wage rate is $17.85.

b) Demand for labor will increase until the equilibrium wage rate is $17.85.

c) Quantity of workers supplied will exceed the quantity of workers demanded.

d) Quantity of workers demanded will exceed the quantity of workers supplied.

Reference no: EM131122506

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