Wage is the determinant of market , so it goes the labor supply and labor demand curves.
The aggregate supply curve shifts inward when the money wage rate rises, which results in a decrease in supply at all price levels. On the otherhand supply curve shifts outward as the money wage rate reduces, increasing the quantity supplied at any price level.
The quantity of work required will alter in response to changes in pay or salary.There will be a reduction in the amount of labour requested and an upward shift in the demand curve.
In a competitive market, the supply in the market and the demand decide wages. Any rise in supply or a fall in demand will raise the wage.
The complete question is:
Wage is the ____ of market , so it goes the labor supply and labor demand curves.
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