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Earn +20 ptsQ: What is a simple definition of equilibrium wage?
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What happens to the equilibrium wage and quantity of labor if output rises?
The equilibrium wage falls and the equilibrium quantity of labor rises
When the wage rate paid to labor is below equilibrium?
When the wage rate paid to labour is below equilibrium wage, then labour is undersupplied. As firms require more labour to maximise their profit, they will slowly raise their wage rate (because revenue from labour > costs) until the equilibrium level is achieved (since no more profit is achieveable at this level).
What generally happens to the equilibrium wage when demand for workers is low and supply is high?
Wage goes down.
What generally happens to the equilibrium wage demand for workers is high and supply is low?
Wage goes down.
What is the result of high equilibrium wage?
an extra demand for workers
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