Answered: Wage Per Hour Quantity of Workers…

Wage Per Hour Quantity of Workers Demanded Quantity of Workers Supplied $14 12,000 6,000 $16 10,000 7,000 $18 8,000 8,000 $20 6,000 9,000 $22 4,000 10,000 $24 2,000 11,000 Table 14.12

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter26: Factor Markets: With Emphasis On The Labor Market

Section26.1: Factor Markets

Problem 2ST

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Question

Table 14.12 shows the quantity demanded and supplied in the labor market for driving city buses in the town of
Unionville, where all the bus drivers belong to a union.

a. What would the equilibrium wage and quantity be in this market if no union existed?
b. Assume that the union has enough negotiating power to raise the wage to $4 per hour higher than it would
otherwise be. Is there now excess demand or excess supply of labor?

Wage Per Hour
Quantity of Workers Demanded
Quantity of Workers Supplied
$14
12,000
6,000
$16
10,000
7,000
$18
8,000
8,000
$20
6,000
9,000
$22
4,000
10,000
$24
2,000
11,000
Table 14.12

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