1. In a free market for labor the wage rate is determined by essentially Supply and Demand, the [ Select] ["employers"", "employee's", "government's mandated"] willingness to pay for a job and the [ Select ]["Employers"", "Employees"", "government's recommending a"] willingness to do a job at the given rate. 2. In a Market The wage rate an employer is willing to offer is determined by [ Select ] ["The amount the employee deserves", "The Union contract", "Minimum Wage", "value the employee produces for their employer"]. Thus when the employee desires a higher wage he must [ Select ] ["Increase his Marginal Product of Labor/productivity", "demand more money", "Vote for a union contract"]

1. In a free market for labor the wage rate is determined by essentially Supply and Demand, the [ Select] ["employers"", "employee's", "government's mandated"] willingness to pay for a job and the [ Select ]["Employers"", "Employees"", "government's recommending a"] willingness to do a job at the given rate. 2. In a Market The wage rate an employer is willing to offer is determined by [ Select ] ["The amount the employee deserves", "The Union contract", "Minimum Wage", "value the employee produces for their employer"]. Thus when the employee desires a higher wage he must [ Select ] ["Increase his Marginal Product of Labor/productivity", "demand more money", "Vote for a union contract"]

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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