Only need correct answers Consider the labour market for heath care workers,which is in equilibrium. Because of the agingpopulation in the United States, the output price forhealth care services has increased. Holding all elseequal, what effect does this have on the equilibriumquantity of health care employees?Select one:O a. The equilibrium quantity decreases.O b.It is not possible to determine whathappens to the equilibrium quantity.The equilibrium quantity does not change.O c.O d. The equilibrium quantity increases. Figure 13-6The curves below reflect information about the coststructure of a firm.Cost ($)Select one:a. Bb. DQuantity of OutputRefer to Figure 13-6. Which of the curves is mostlikely to represent average fixed cost?c. AO d. CB

Answered: Consider the labour market for heath…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Only need correct answers

Consider the labour market for heath care workers,
which is in equilibrium. Because of the aging
population in the United States, the output price for
health care services has increased. Holding all else
equal, what effect does this have on the equilibrium
quantity of health care employees?
Select one:
O a. The equilibrium quantity decreases.
O b.
It is not possible to determine what
happens to the equilibrium quantity.
The equilibrium quantity does not change.
O c.
O d. The equilibrium quantity increases.

Figure 13-6
The curves below reflect information about the cost
structure of a firm.
Cost ($)
Select one:
a. B
b. D
Quantity of Output
Refer to Figure 13-6. Which of the curves is most
likely to represent average fixed cost?
c. A
O d. C
B

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The demand for labor is influenced by the fluctuations in the prices of the goods produced by them. An increase in price of the good causes increase in supply which leads to higher labor demand. The fall in the price of the good, reduces its supply and thus reduces the labor demand. So, there exists a direct relationship between price of the good and labor demand.

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