Answer:
both the equilibrium wage and the equilibrium quantity of labor will rise.
Explanation:
The equilibrium market wage rate is the cross section or intersection of the supply and demand variables for labour. Like the graph shows below, these two variables are correlated, meaning one rises so does the other. Therefore if output price rises it means that both the equilibrium wage and the equilibrium quantity of labor will rise.
Answer: Cost of protecting jobs is much higher than the value of the jobs.
Explanation:
Protectionism is when the local industries in a country are protected against foreign competition in order to help them grow.
One of the main ideas behind free trade is for the consumers to be provided with affordable and low prices goods when there's a free movement of goods between the countries.
It should be noted that an increase in the labour cost will also.bring about an increase in the value of jobs and this can result to the goods being sold at a higher price. Therefore the correct option is B "cost of protecting jobs is much higher than the value of the jobs".