question 20\nif a large number of retired workers re - enter a perfectly competitive labor market,\na) the…

question 20\nif a large number of retired workers re - enter a perfectly competitive labor market,\na) the market supply of labor will increase\nb) the market demand for labor will increase\nc) wages in the labor market will increase\nd) the number of workers hired will decrease\ne) the price of the products produced will increase

question 20\nif a large number of retired workers re - enter a perfectly competitive labor market,\na) the market supply of labor will increase\nb) the market demand for labor will increase\nc) wages in the labor market will increase\nd) the number of workers hired will decrease\ne) the price of the products produced will increase

Answer

Brief Explanations:

In a perfectly - competitive labor market, when a large number of retired workers re - enter, more workers are available for hire. This directly affects the supply side of the labor market. The demand for labor is determined by firms' need to produce goods and services and is not affected by the re - entry of retired workers. With an increase in the supply of labor, wages are likely to decrease (not increase), the number of workers hired is likely to increase (not decrease), and the price of products produced is determined by factors like overall market demand and production costs, not just the labor supply change. So, the market supply of labor will increase.

Answer:

A. the market supply of labor will increase