How will each of the following scenarios impact the market for labor? A technological change of clothes that increases productivity of all workers. Impact on supply of labour Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left Impact on demand for labor Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left Impact on wage rate Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left Impact on employee level Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left
How will each of the following scenarios impact the market for labor? A technological change of clothes that increases productivity of all workers. Impact on supply of labour Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left Impact on demand for labor Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left Impact on wage rate Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left Impact on employee level Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter4: Labor And Financial Markets
Section: Chapter Questions
Problem 29P: Predict how each of the following events will raise or lower the equilibrium wage and quantity of...
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How will each of the following scenarios impact the market for labor?
A technological change of clothes that increases productivity of all workers.
Impact on supply of labour
- Increase employment
- wage rates unchanged
- Increase wage rate.
- Decrease wage rates name, called and changed [movement along the curve]
- Employment unchanged.
- Shifts outwards/to the right
- decrease employment.
- Shift inwards/to the left
Impact on demand for labor
- Increase employment
- wage rates unchanged
- Increase wage rate.
- Decrease wage rates name, called and changed [movement along the curve]
- Employment unchanged.
- Shifts outwards/to the right
- decrease employment.
- Shift inwards/to the left
Impact on wage rate
- Increase employment
- wage rates unchanged
- Increase wage rate.
- Decrease wage rates name, called and changed [movement along the curve]
- Employment unchanged.
- Shifts outwards/to the right
- decrease employment.
- Shift inwards/to the left
Impact on employee level
- Increase employment
- wage rates unchanged
- Increase wage rate.
- Decrease wage rates name, called and changed [movement along the curve]
- Employment unchanged.
- Shifts outwards/to the right
- decrease employment.
- Shift inwards/to the left
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