The following factors could shift up (or to the left) the total Supply Curve of Labor, leading to a higher wage in equilibrium, EXCEPT: Question 2 options: An increase in the Cost of college education. An increase in the value of leisure. An increase in Unemployment benefits.
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The following factors could shift up (or to the left) the total Supply Curve of Labor, leading to a higher wage in equilibrium, EXCEPT:
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An increase in the Cost of college education. |
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An increase in the value of leisure. |
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An increase in |
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- The equilibrium quantity of labor increases and the equilibrium wage decreases when: A) labor supply shifts to the right, if wages are flexible, B) labor supply shifts to the left, if wages are flexible. C) labor demand shifts to the left, if wages are flexible. D) labor demand shifts to the right, if wages are flexible.Which of the following is likely to shift the labor supply curve to the right, assuming all else equal? A rise in the wage rate A fall in the wage rate A rise in the immigration of workers in search of better work opportunities A fall in the population of a country due to a natural disasterWhich of the following is not correct? In a labor market, the wage adjusts to balance the supply and demand for labor. A profit-maximizing firm hires workers so long as the wage rate exceeds the value of the marginal product of labor. Any event that changes the supply or demand for labor must change the equilibrium wage. Any event that changes the supply or demand for labor must change the value of the marginal product.
- Q1: Which of the following would shift a market labor supply curve to the left? Group of answer choices an increase in the price of an output labor-saving technology a change in worker tastes so that workers want to spend more time home with family an increase in immigrationWages (prices) for high-skilled labor have continually risen, despite an increase in people with college and advanced degrees. What is the most logical explanation for this? Group of answer choices A)Government has instituted a policy to reward college graduates with higher wages. B)Demand for high-skilled labor has decreased. C)Minimum wage has increased. D)Demand for high-skilled labor has increased.The equilibrium quantity of labor and the equilibrium wage increase when: A) labor supply shifts to the left, if wages are flexible. B) labor supply shifts to the right, if wages are flexible. C) labor demand shifts to the right, if wages are flexible. D) labor demand shifts to the left, if wages are flexible.
- If the competition in the market increases: A) The price setting curve shifts downward B) The wage setting curve shifts upward C) The wage setting curve shifts downward D) The price setting curve shifts upwardCertain industries of the U.S. economy, such as farming and heavy equipment manufacturing, have experienced a significant decline in employment. Which statement best explains this job loss? Multiple Choice Workers lost these jobs because technological advances increased productivity. Government regulations have eliminated profit opportunities in these industries. The U.S. economy cannot compete in these industries any longer. The cause is a decline in the productivity of labor in these industries.Boeing created, and recently expanded, an airplane manufacturing center in Charleston, South Carolina. One of the factors that likely influenced this location decision is that South Carolina is a "right to work" state. This represents a) a place factor related to labor. b) a transportation factor related to the market. c) higher wages for Boeing workers in South Carolina relative to Washington. d) a place factor related to the political environment.
- The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. In a labor market, workers supply their labor to the market in exchange for wages, and their behavior is represented by the supply curve. Similarly, firms pay wages to obtain labor, and thus their behavior is represented by the demand curve. In this way, wages are the price of labor. (c). For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls. (d). True or False: A minimum wage below $10 per hour is a binding minimum wage in this market. (Hint: Economists call a minimum wage that prevents the labor market from reaching equilibrium a binding minimum wage.)Supply: Thinking Like a Seller - End of Chapter Problem Jerome is working as an IT consultant. His individual labor supply curve is given in the accompanying graph. Jerome decides to enroll in college and will begin taking classes next semester. Make the appropriate change to the graph to show the most likely effect on Jerome's labor supply curve of his decision to attend college. If Jerome's decision to attend college results in a change in supply, shift the supply curve appropriately, but leave the wage line unchanged. If Jerome's decision to attend college results in a change in quantity supplied, adjust the wage line appropriately, but leave the supply curve unchanged. Wage Jerome's individual labor supply curve Wage Quantity SupplyOn April 1, 2009, in the middle of a recession, the government of the province of Ontario, Canada increased the provincial minimum wage from $8.75 to $9.50. What will the likely effect of this policy be?
