The Labor Supply (curves) for any given occupation: illustrate that as wage rates (W) rise, more workers will make themselves available for such an occupation and perhaps also for more hours (up until a point when wage rates become very high). decreases (shifts inward) when qualified labor becomes more abundant, and increases (shifts outward) when qualified labor becomes more scarce. illustrate that as wage rates (W) rise, employers in a labor market will wish to hire a greater quantity of labor. must disappear (become zero) any time there is a change in the labor demand curve.
The Labor Supply (curves) for any given occupation: illustrate that as wage rates (W) rise, more workers will make themselves available for such an occupation and perhaps also for more hours (up until a point when wage rates become very high). decreases (shifts inward) when qualified labor becomes more abundant, and increases (shifts outward) when qualified labor becomes more scarce. illustrate that as wage rates (W) rise, employers in a labor market will wish to hire a greater quantity of labor. must disappear (become zero) any time there is a change in the labor demand curve.
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:The Labor Supply (curves) for any given occupation:
illustrate that as wage rates (W) rise, more workers will make themselves available for such an occupation
and perhaps also for more hours (up until a point when wage rates become very high).
decreases (shifts inward) when qualified labor becomes more abundant, and increases (shifts outward) when
qualified labor becomes more scarce.
illustrate that as wage rates (W) rise, employers in a labor market will wish to hire a greater quantity of labor.
must disappear (become zero) any time there is a change in the labor demand curve.
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Transcribed Image Text:The labor demand curve:
slopes upward because the marginal revenue product (MRP) of labor does not change as more labor is hired
by employers.
slopes upward because employers desire more workers or work hours when the wage rate (W) rises.
O shifts outward (upward) when there is improvement in labor's productivity per hour, due to technology, or an
increase in the price of the good or service that labor is producing.
O has a vertical slope because employers do not care how much they have to pay for the amount of labor they
wish to hire.
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