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Question
Suppose the market for autoworkers is initially in equilibrium, but then the demand for automobiles increases and simultaneously the automakers allow autoworkers workers less flexibility working at the plants. What happens in the market for autoworkers?
A) The equilibrium wage rate will increase and the equilibrium quantity of labor will increase, decrease or stay the same.
B) The equilibrium wage rate will increase, decrease or stay the same and the equilibrium quantity of labor will increase.
C) The equilibrium wage rate and the equilibrium quantity of labor will both decrease.
D) The equilibrium wage rate will decrease and the equilibrium quantity of labor will increase.
Answer
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