If the labor demand curve shifts to the left and the labor supply curve remains unchanged, what will happen to the equilibrium wage and the equilibrium level of employment?
In economic theory, a labor market is characterized by a demand for labor from firms and the supply of labor from workers. At the equilibrium point, there is neither surplus nor shortage of labor.
Answer and Explanation: 1
If the labor demand curve shifts to the left, the demand in the market for labor has decreased. The demand curve now meets the supply curve at a lower...
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fromChapter 3 / Lesson 41
Learn the labor market definition and what happens in the labor market. See what the split labor market theory is and learn the different types of labor market.