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QUESTION:
If, for any reason, the wage is held above the competitive equilibrium wage, _______.
a. market forces will cause the wage to rise further
b. the quality of workers in the applicant pool will tend to fall
c. the quantity of labor demanded will exceed the quantity of labor supplied, and there will be a labor shortage
d. the quantity of labor supplied will exceed the quantity of labor demanded, and there will be unemployment
ANSWER:
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