Question: Consider the graph below. Suppose there is an excess demand for workers in a perfectly competitive labor market. Which answer best describes the resulting effect

Consider the graph below. Suppose there is an excess demand for workers in a perfectly competitive labor market. Which answer best describes the resulting effect on wage? a.) The wage rate will rise above W subscript above. b.) The wage rate will fall below W subscript below. c.) The wage rate will rise toward equilibrium (W subscript E). d.) The wage rate will remain at W subscript below

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