13. Other things held constant in a competitive labor market, if workers negotiate a contract in which the employer agrees to pay an hourly of $17.85 while the market equilibrium hour rate is $16.50, the: Supply of labor will decrease until the equilibrium wage rate is $17.85. Quantity of workers demanded will exceed the quantity of workers supplied. Demand for labor will increase until the equilibrium wage rate is $17.85. Quantity of workers supplied will exceed the quantity of workers demanded.

13. Other things held constant in a competitive labor market, if workers negotiate a contract in which the employer agrees to pay an hourly of $17.85 while the market equilibrium hour rate is $16.50, the:
Supply of labor will decrease until the equilibrium wage rate is $17.85.
Quantity of workers demanded will exceed the quantity of workers supplied.
Demand for labor will increase until the equilibrium wage rate is $17.85.
Quantity of workers supplied will exceed the quantity of workers demanded.

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