5. Which of these would cause a shortage in labor? * O A. the supply of workers exceeds the demand B. the demand for workers exceeds the supply O C. the number of workers equals the demand for labor O D. the supply curve for the product a business produces shifts to the left
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- (Draw this out to check your work) If the supply curve shifts to the left and the demand curve shifts to the right at the SAME TIME, equilibrium price will definitely increase and equilibrium quantity will Group of answer choices definitely increase. definitely decrease. definitely stay the same. either increase, decrease, or stay the same, depending on which curve shifts the farthest.3. Dominos Pizza is trying to attract pizza delivery drivers away from Pizza Hut by offering them hourly wages above the current market wage (assumed to be $8 per hour). If the correct supply price elasticity for delivery drivers is 3.0 and Dominos wants to increase its delivery personnel by 15 percent, then they must increase their hourly wage from $8/hour to: a. $8.40/hour b. $8.80/hour c. $9.00/hour d. $9.40/hourAt the current starting salary of $18,000 per year, the number of new business school graduates demanded is 100,000 a year and the number supplied is 120,000. Based on this information, you can conclude that Select one: O a. there's a shortage of new business school graduates in the market. O b. the equilibrium wage of business school graduates is more than $18,000 per year. the equilibrium wage of business school graduates is less than $18,000 per year. O d. the labor market for new business school graduates is in equilibrium.
- The demand for labor curve of nurses shifts rightward if the O A. supply of labor curve for nurses shifts rightward. O B. value of marginal product of nurses increases. OC. wage rate paid to nurses rises. O D. supply of labor curve for nurses shifts leftward. O E. wage rate paid to nurses falls.When might the supply curve for microwave ovens shift? Select one: a. only when production technology changes. O b. only when the number of sellers of microwave ovens changes. Oc. when a determinant of the supply of microwave ovens other than the price of microwave ovens changes. O d. when any determinant of the supply of microwave ovens changes. O e. Only if the price of steel increases.Suppose the money wage rate rises from $40.00 to $46.74 an hour and consumer prices rises by 14 percent. What would be the effect in the labor market? We would expect people to try to find a job and employed people to want to work hours. O A. fewer; shorter B. fewer; longer C. the same number of; the same number of D. more; longer The would A. quantity of labor supplied; increase O B. supply of labor; increase O C. supply of labor; decrease O D. quantity of labor supplied; decrease Click to select your answer. MacBook Air DII DD こ. 吕0 F9 F7 F8 F6 esc F4 F5 F2 F3 F1 & 2$ ! 5 6 8 9 1 2 3 4
- D. the supply curve for the producl a business produces shifts to the left 6. If wages decreased in the labor market, what likely caused it? * A. a surplus of workers O B. a shortage of workers -C. increased union membership OD. unemployment rates decreased 7.If the government were to increase the minimum wage, what might be al unintended consequence? O OThe equilibrium wage in a local labor market is $10 per hour. If a minimum wage of $15 per hour is imposed, which of the following will occur? Select one: a. There will be a decrease in the quantity of labor supplied by households. O b. There will be an increase in unemployment. O c. All of these will occur. O d. There will be an increase in the quantity of labor demanded by firms.QUESTION 3 A determinant of the demand for labor is the: O a. quantity of labor supplied. b. price of labor. c. price of the product made with the labor. d. marginal cost of hiring labor. QUESTION 4 A lower wage: a. has an income effect but not a substitution effect on the quantity of labor supplied. b. means a higher income for any given level of labor supplied. c. has an income effect which is always negative with respect to the quantity of labor supplied. d. has an income effect which is always positive with respect to the quantity of labor supplied.
- 6. Plotting the supply of labor In San Diego, 135 people are willing to work an hour as cashiers if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 45 people are willing to work an hour. For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for cashiers on the following graph. 50 45 Supply 40 35 30 20 10 0 45 90 135 180 225 270 315 360 405 450 LABOR (Number of workers) What is one explanation for why this labor supply curve is upward sloping? O Labor production functions exhibit diminishing marginal returns. O The opportunity cost of leisure increases as wages increase. O People prefer to spend time doing leisure activities rather than working. O Wages have to increase to accommodate union pressure. WAGE (Dollars per hour) 15 25Which of the following will not cause the supply curve to shift? Select one: O a. Change in producers' expectations. O b. Change in technology. c. Change in wages. O d. Change in consumer tastes. Check Nex 4 Solutions Jump to... HW Unit 4 DUE March ed in as Ashli-Amari Bent (Log out) -2021/SPRING/DAY MacBook ProDishwashers P. Q The price of dishwashers falls substantially. Other things equal, what happens in the market for dishwashers shown above? Select one: Oa. More dishwashers are now purchased. O b. Supply decreases. O c. Quantity. supplied falls. O d. Supply shifts to the right. Check Next page Solutions Jump to... HW Unit 4 DUE March 3 ►