If, for any reason the wage is held above the competitive equilibrium wage?

Question

Xaibi Aslam · Accepted Answer

The quantity of labour supplied will exceed the quantity of labour demanded and there will be Unemployment

Xaibi Aslam · Answer

Unions will likely Strike and the wage will fall to equilibrium

Xaibi Aslam · Answer

The quantity of labour demanded will exceed the quantity of labour supplied and there will be a labour shortage

Xaibi Aslam · Answer

The quality of workers in the applicant pool will tend to fall

Question #47989