4. Suppose that this graph describes the current labor market for high school teachers: Suppose supply...
4. Suppose that this graph describes the current labor market for high school teachers:
Suppose supply of labor decreases. At the new equilibrium, wages would be ________ and ________ teachers would be hired.
A. higher; more
B. higher; fewer
C. lower; fewer
D. lower; more
Homework Answers
If the supply of the labor decrease then the supply curve of the labor will shift to the left. this will increase the wages and less teachers would be hired.
At the new equilibrium, wages would be "higher" and "fewer" teachers would be hired.
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