(Figure: Equilibrium in the Labor Market) Use Figure: Equilibrium in the Labor Market.In the figure,a decrease in the price of the good produced,when everything else stays the same,will lead to a(n) _____ in the equilibrium quantity of labor and a(n) _____ in the equilibrium price of labor.

A) increase;increase
B) decrease;increase
C) increase;decrease
D) decrease;decrease

Equilibrium Quantity

The amount of products or services offered and sought at the equilibrium price, a point where the supplied quantity matches the demanded quantity.

Equilibrium Price

The cost at which the amount of a product that buyers want to purchase matches the amount sellers are willing to offer, leading to a balanced market situation.

Labor Market

The market in which individuals offer their labor to employers in exchange for wages, showing the relationship between the supply of labor and the demand for it.