O-LevelEconomicsThe allocation of resources2281/12 · Oct/Nov 2024 · Q111 Mark
How would a change in the demand for labour affect the labour market in an occupation?
Achange in demand for labour: decrease, change in the equilibrium wage: decrease, change in quantity of labour supplied: extend
Bchange in demand for labour: decrease, change in the equilibrium wage: increase, change in quantity of labour supplied: contract
Cchange in demand for labour: increase, change in the equilibrium wage: decrease, change in quantity of labour supplied: contract
Dchange in demand for labour: increase, change in the equilibrium wage: increase, change in quantity of labour supplied: extend
✓ Correct answer
D: change in demand for labour: increase, change in the equilibrium wage: increase, change in quantity of labour supplied: extend
Practise more questions on this topic
Oracle Prep sorts past-paper questions by topic, so you can drill The allocation of resources and see which topics are most likely to come up next.
Sign up free →