A trade union is able to increase the wages paid in an industry to a level higher than the prevailing equilibrium wage. How would the demand and supply of labour change?
- 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