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Economics
MEDIUM
ENGLISH
Economics
If, for any reason the wage is held above the competitive equilibrium wage?
The quantity of labour supplied will exceed the quantity of labour demanded and there will be Unemployment
Correct answer
B
Unions will likely Strike and the wage will fall to equilibrium
Option B
C
The quantity of labour demanded will exceed the quantity of labour supplied and there will be a labour shortage
Option C
D
The quality of workers in the applicant pool will tend to fall
Option D
Correct answer: A
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