4. A wage for that is efficient in the Denver bus driver labor market would be__________; but fair wages in this market would be where ___________________ A subjective opinion of the Denver bus drivers; when prevailing wages have led to equality between the quantity of bus drivers demanded and the quantity supplied.Where wages face no pressure from the invisible hand to change over time; Impossible to calculate using the laws of economics.Based on the opinion of bus drivers, bus companies and people who have to pay to ride buses in Denver; where supply and demand intersect in this market.Likely very different than the market equilibrium wage; where self-interested bus drivers and bus companies reach an agreement without the pressure of shortages, or the inefficiency of surpluses being part of the outcome.

Introduction Labor markets is the place where workers and employees interact with each others. In…

Answered: A wage for that is efficient in the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. A wage for that is efficient in the Denver bus driver labor market would be__________; but fair wages in this market would be where ___________________

A subjective opinion of the Denver bus drivers; when prevailing wages have led to equality between the quantity of bus drivers demanded and the quantity supplied.
Where wages face no pressure from the invisible hand to change over time; Impossible to calculate using the laws of economics.
Based on the opinion of bus drivers, bus companies and people who have to pay to ride buses in Denver; where supply and demand intersect in this market.
Likely very different than the market equilibrium wage; where self-interested bus drivers and bus companies reach an agreement without the pressure of shortages, or the inefficiency of surpluses being part of the outcome.

Definition Video Formula Definition Phenomenon in which market supply and demand balance each other. Market equilibrium is the economic state in which the market demand curve intersects the market supply curve, giving us the equilibrium price and equilibrium quantity for which a commodity can be sold and purchased in an economy. When market equilibrium is achieved, it suggests that all resources have been allocated efficiently and that there is just a distribution of income and resources in the economy. Video Formula

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