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Other things being equal, an increase in wages paid to workers in the steel industry will cause

the quantity of steel demanded to increase.
the quantity of steel supplied to decrease.
the supply of steel to decrease.
the demand for steel to decrease.

Which of the following will cause an outward (rightward) shift in the supply curve?

A reduction in the price of the good
An increase in the price of labor input
An increase in the number of consumers

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M939307

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