An increase in the real wage rate the quantity of labor demanded, the quantity of labor supplied, and when the labor market is in equilibrium,___

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09-03-2022
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An increase in the real wage rate the quantity of labor demanded, the quantity of labor supplied, and when the labor market is in equilibrium,___

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azikennamdi azikennamdi · Answer 1 · 2022-03-15T13:32:03+01:00

An increase in the real wage rate decreases the quantity of labor demanded, increases the quantity of labor supplied, and when the labor market is in equilibrium, equates demand and supply of labor.

What is real wage rate?

Real Wage Rate in economics refers to the result obtained by dividing the nominal wage rate by the prices of goods.

It is used as a more accurate measure of how much the spending power and is also an indicator of the standard of living of workers.

Learn more about real wage rate at:
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An increase in the real wage rate ________ the quantity of labor demanded, ______ the quantity of labor supplied, and when the labor market is in equilibrium,_________

Respuesta :

What is real wage rate?

Otras preguntas

An increase in the real wage rate the quantity of labor demanded, the quantity of labor supplied, and when the labor market is in equilibrium,___