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Microeconomics

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Determinants of Supply and Demand: Black Death, Gold Money

MICRO-EAK9G4

In the middle ages, the black death swept through Europe, tragically killing nearly a third of the population. For the purposes of this problem, it is important to note that this greatly reduced the number of peasants available to work the land, without reducing the number of landed estates that needed working.

The thing that has changed here is the number of available workers in the market.

What is likely to change in the market for peasant labor?

A

The demand for peasant labor will increase.

B

The demand for peasant labor will decrease.

C

The supply of peasant labor will increase.

D

The supply of peasant labor will decrease.