The government passes a new law that allows businesses to receive wage subsidies, then: Supply curve for workers will shift to the right Supply curve for workers will shift to the left. Demand curve for workers will shift to the left Demand shift for workers will shift to the right. Both Supply and demand will shift to the right.

The government passes a new law that allows businesses to receive wage subsidies, then: Supply curve for workers will shift to the right Supply curve for workers will shift to the left. Demand curve for workers will shift to the left Demand shift for workers will shift to the right. Both Supply and demand will shift to the right.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

ChapterP3: Market Structure

Section: Chapter Questions

Problem 9KC

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Classify each scenario according to whether the change in quantity is caused by a shift in the supply curve or movement along the supply curve. Shift of the supply curve Answer Bank Movement along the supply curve A national tire production company produces less of its premium quality tires as a result of lower tire prices. Scion decides to exit the car market. Delta Airlines is selling less airplane tickets due to the recent decreases in the price of flights for Friday departures Bakeries across the nation have noticed that the price of wheat has increased substantially
The biggest employer in the city is closing. Predict what will happen to the city's real estate market. The loss of jobs will lead to less demand for housing in the area. The supply of housing will decrease, causing prices to rise. The supply of housing will decrease, causing prices to fall. The loss of jobs will lead to more demand for housing in the area.
The "law of supply" functions in labor markets; that is, a higher __________ for labor leads to a higher quantity of labor supplied. price demand supply quantity
Autoworkers negotiate a wage increase. How does this change affect the supply curve of cars? Group of answer choices The supply curve will shift but there is not enough information to tell if the change shifts the supply curve rightward, leftward, or not at all. It does not shift the supply curve or create a movement along it. It shifts the supply curve leftward. It shift the supply curve rightward. It creates a movement downward along the supply curve.
A nonbinding price floor has which of the following consequences? Group of answer choices The quantity demanded will always exceed the quantity supplied. There will be upward pressure on prices until quantity demanded equals quantity supplied. The quantity demanded will always be smaller than the quantity supplied. There are no consequences to a nonbinding price floor. There will be downward pressure on prices until quantity demanded equals quantity supplied.
Draw a graph of the market for U.S. labor. Label axes, curves, and equilibrium quantity and wages. (You do not have to use actual numbers) The supply of workers is highly, but not perfectly elastic. Make sure this elasticity is represented on your graph. Then, draw, on a separate graph, what would happen to that market if there was an influx of immigrant workers who are complements of U.S. native workers.
a decrease in supply is represented by an upward movement along the supply curve a downward movement along the supply curve a rightward shift of the supply curve a leftward shift of the supply curve
In the table below, identify the change in supply or demand. Tick R your answer(s) Demand Supply Supply Right Demand Description of event Left Left Right The population for the local area increases A new firm enters the industry creating competition for the existing firm A firm decides to increase its spending on advertising The price of a substitute product decreases There is an increase in the minimum wage A subsidy is given to producers of solar panels The winter fuel payment given to Pensioners increases. The government implements a tax on sugary drinks Farmers producing rise experience a severe drought The cost of raw materials decrease There is an increase in income tax There is an outbreak of foot and mouth disease As a new firm enters the industry, an incumbent firm decides to increase its spending on advertising.
Rude awakening as price of coffee and orange juice shoots up 20% Drought in main growing areas in Brazil and a tree-killing bug have caused a spike in the price of breakfast favourites Savour your morning juice and coffee this weekend, because the price of your favourite breakfast drinks may be on the way up. Unfavourable weather in Brazil- varying from droughts to heavy rainfall and frosts - has driven up the price of coffee, sugar and orange juice around the world by more than 20% in the past few months. The London traded November futures contract on robusta beans, the type mostly used to make instant coffee, has risen by a third since June to $2,027 (£1,561) a tonne on the ICE exchange after the main growing areas of Espirito Santo and Bahia were hit by drought, leaving farmers with only half their potential crop. The recent rise in price was also driven by concerns about next year's crop. With reservoirs dry or nearly empty in the regions, farmers have been reliant on annual rains…
Suppose at the going wage rate of $20 per hour, firms can hire as many hours of janitorial services as it desires. If any firm tries to lower the wage rate to $19, it will not be able to hire any janitor. What does this indicate about the supply of janitorial services curve? Supply is unit price elastic. Supply is perfectly price elastic. Supply is perfectly price inelastic. Supply is relatively price inelastic.
Phil's Copy Studio pays its workers $60 per day and sells poster-size copies for $10 per print. Now suppose during the holiday season the price of poster-size copies increases to $12. What happens? The demand for labor decreases. The demand for labor increases. The quantity demanded of labor decreases, but the demand for labor curve does not shift. The quantity demanded of labor increases, but the demand for labor curve does not shift.
answer parts a, b, c Michigan Just passed a law raising the minimum wage to $15 an hour. Ben and Charlie disagree about the impact of this law on workers. Ben says that the law will make some workers worse off. Charlie says that the law will not harm any workers. a) show and describe a situation in which Ben's analysis is correct. b) show and describe a situation in which Charlie's analysis is correct. c) how does elasticity of demand and supply affect both Ben and Charlie's analysis?

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		Supply curve for workers will shift to the right
		Supply curve for workers will shift to the left.
		Demand curve for workers will shift to the left
		Demand shift for workers will shift to the right.
		Both Supply and demand will shift to the right.