If, as a result of a plague, the equilibrium wage level has risen, one can conclude that: A. the...
Question:
If, as a result of a plague, the equilibrium wage level has risen, one can conclude that:
A. the plague has imposed no costs on society
B. supply of labor has decreased more than demand for labor
C. demand for labor has increased more than supply of labor
D. supply of labor has increased more than the demand of labor
Wages
Wages include the financial benefit given to the labor and employed workers. Wages are paid against the productivity generated by the labor. They are given depending on the minimum wage rate prevailing in the market if the minimum wage rates are increased the wages paid also increase.
Answer and Explanation: 1
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View this answerB. supply of labor has decreased more than demand for labor
Plague in the market will cause a fall in the supply of labor. The plague will lead to...
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Adjusting Wages for the Inflation Rate
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Chapter 5 / Lesson 4
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Learn about wage growth vs. inflation. Discover examples of how to adjust for inflation, and examine criticisms of how wages are adjusted for inflation.
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