If the supply of labor is perfectly inelastic, then an increase in the demand fo

Question

If the supply of labor is perfectly inelastic, then an increase in the demand for labor causes: an increase in the equilibrium quantity of labor employed with no change in the wage rate an increase in the wage rate with no change in the equilibrium quantity of labor employed. an increase in both the equilibrium quantity of labor employed and the wage rate no change in either the equilibrium quantity of labor employed or the wage rate. be successful In increasing the price of their product, members of a cartel must: restrict market output, encourage new firms to enter the market significantly increase market output find ways to lower costs of production.

Explanation / Answer

Q.no.4) an increase in both the equilibrium quantity of labor employed and the wage rate.

Q.no.5 restrict market output.

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.