1. Suppose wage in a certain labor market is $20 per hour, but this is above the market equilibrium wage. Thus, the quantity of labor supplied is 100 and the quantity demanded of labor is 92. If this were the situation in all labor markets across the country, we would say that Group of answer choices there is an excess demand for labor. there are not enough job positions for all willing workers. wages will soon increase. None of the other options. we have unemployment of 10%.

Name some factors that can cause- a shift in the supply curve in labor markets.

Under what Circumstances would a minimum wage be a nonbinding price floor? Under what circumstances would a living wage be a binding price floor?

Assume that the supply of law-skilled worker is fairly elastic, but the employers demand for such workers is fairly inelastic. If the policy goal is to expand employment for low-skilled workers, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor? What if the policy goal is to raise wages for this group? Explain your answer with supply and demand diagrams.

A government passes a family-friendly law that no companies can have evening, nighttime, or weekend hours, so that everyone can be home with their families during these times. Analyze the effect of this law using a demand and supply diagram for the labor market: first assuming that wages are flexible, and then assuming that wages are sticky downward.

If immigration is reduced, what is the impact on the wage for low-skilled labor? Explain.

Table 14.10 shows levels of employment (Labor), the marginal product at each of those levels, and the price at which the film can sell output in the perfectly competitive market where it operates. What is the value of the marginal product at each level of labor? If the firm operates in a perfectly competitive labor market where the going market wage is 12, what is the films profit maximizing level of employment?

Does a gap between the average earnings of men and women, or between whites and blacks, prove that employers are discriminating in the labor market? Explain briefly.

Imagine that the government reworks the welfare policy that was affecting Jonathan in question 1, so that for each dollar someone like Jonathan earns at work, his government benefits diminish by only 30 cents. Reconstruct the table from question 1 to account for this change in policy. Draw Jonathans labor-leisure opportunity sets, both for before this welfare program is enacted and after it is enacted.

¡Suppose that in a certain small town when the weekly earned income of a typical recipient of a public program benefit rises from $600 to $700, the number hours worked per week by the recipient falls from 40 to 35. A. What is the income elasticity of labor supply for the typical benefit recipient in that town? B. In this town, is the labor supply of the typical benefit recipient elastic or inelastic? Why? intion fanproximately 200 word naraaranh) two of the maior IIS nublic programs that