A trade union manages to push wages in an industry above the existing equilibrium wage. In what way would the demand for labour and the supply of labour alter?
- AChange in quantity of labour demanded: fall; change in quantity of labour supplied: fall
- BChange in quantity of labour demanded: fall; change in quantity of labour supplied: rise
- CChange in quantity of labour demanded: rise; change in quantity of labour supplied: fall
- DChange in quantity of labour demanded: rise; change in quantity of labour supplied: rise