The current wage paid for carpenters in Raleigh is $15 per hour. At that wage there are 10,000 labor hours supplied per week while the number of labor hours demanded is 12,000. It follows that
A. There is a surplus of carpenter labor on the market
B. The market equilibrium wage for carpenters is $15 per hour
C. The market equilibrium wage for carpenters is less than $15 per hour
D. The market equilibrium wage for carpenters is more than $15 per hour
Answer: D
Microeconomics
- An increase in the price level may be caused
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- Which of the following statements about the federal budget deficit is true?
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- Other things being equal, which of the following can cause a recession?
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