Which of the following statements correctly describes the demand for labor?A. The higher the real wage rate, the greater is the quantity of labor that firms find it profitable to hire because firms can hire higher-skilled labor at higher wage rates.B. The demand for labor curve is downward sloping because hours per person increase as the real wage rate falls.C. Each additional hour of labor hired produces more additional output than the previous hour.D. The real wage rate influences the quantity of labor demanded because what matters to firms is how much output they must sell to earn the dollars they pay the workers.Click to select your answer.MacBook AirDD000000F1080F8F9F7F6F4F5escF2F3F1&$%!@7812345* 00

Demand refers to the quantity of a good or service that the consumers are willing to buy at various…

Which of the following statements correctly describes the demand for labor? O A. The higher the real wage rate, the greater is the quantity of labor that firms find it profitable to hire because firms can hire higher-skilled labor at higher wage rates. O B. The demand for labor curve is downward sloping because hours per person increase as the real wage rate falls. OC. Each additional hour of labor hired produces more additional output than the previous hour. O D. The real wage rate influences the quantity of labor demanded because what matters to firms is how much output they must sell to earn the dollars they pay the workers.

Which of the following statements correctly describes the demand for labor? O A. The higher the real wage rate, the greater is the quantity of labor that firms find it profitable to hire because firms can hire higher-skilled labor at higher wage rates. O B. The demand for labor curve is downward sloping because hours per person increase as the real wage rate falls. OC. Each additional hour of labor hired produces more additional output than the previous hour. O D. The real wage rate influences the quantity of labor demanded because what matters to firms is how much output they must sell to earn the dollars they pay the workers.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Which of the following likely explain/s the link between above-equilibrium wage and productivity? (i) Above-equilibrium of unions. (ii) Above-equilibrium wage prevents the establishment wage increases the cost of shirking from/underperforming in work. (iii) Above-equilibrium wage ensures that only educated workers are hired. O a. (i), (ii), and (iii) O b. Only (i) O c. Only (iii) O d. Only (ii)
00 LO %24 WAGE 7. Shifts in labor supply Assume that the consulting and information technology industries employ people with similar skills. Suppose an increase in the demand for computer analysts leads to a rise in their wages, while the demand for consultants remains the same. The following graph shows the labor market for consultants in the United States. Show the effect of the rise in demand for computer analysts on the U.S. labor market for consultants by shifting the labor demand curve, the labor supply curve, or both. Supply Demand Supply Demand LABOR MacBook Pro * > %23 3. 4. R. A S K ב B.
10 units. OD. 18 units. One of the following factors shifts the labor demand curve upward (increase labor demand)? Select one: t of O A. Price of outputs good increases (labor is used to make this output). O B. Decrease in workers coming into Kuwait. O C. Increase in workers coming into Kuwait. O D. Price of output good decreases (labor is used to make this output). A shift in labor supply is caused by Select one:
Figure 3.2 Si 15 S2 10 5. D2 Di 20 30 40 Quantity of Labor In Figure 3.2, assume that we have labor market demand and supply curves of D2 and S1, respectively. What is the equilibrium wage and employment level? O $15; 30 workers O 5; 30 workers $5; 20 workers O $10; 40 workers Wage Rate ($ per day)
21.
Figure 3.2 Wage Rate ($ per day) 15 5. 0 20 Quantity of Labor O $15; 30 workers 5; 30 workers S₁ $5; 20 workers O $10; 40 workers D₁ 40 In Figure 3.2, assume that we have labor market demand and supply curves of D₂ and S₁, respectively. What is the equilibrium wage and employment level? S₂ D₂
In a perfectly competitive labor market, the worker will be paid: O Less than the value of his/her MRP. O Minimum wage. O More than the value of his/her MRP. O Exactly the value of his/her MRP.
O a. 1 O b. 2 O c. 3 O d. 4 Table 18-2 Labor Output (Number of workers) (Bracelets per week) 0 1 2 3 4 5 Refer to Table 18-2. The table shows the number of bracelets that can be assembled per week by various numbers of workers. If the price per bracelet in a perfectly competitive product market is $8, how many workers would the firm employ if the weekly wage rate is $800? 0 200 360 480 560 600
7
The demand for labor curve of nurses shifts rightward if the O A. supply of labor curve for nurses shifts rightward. O B. value of marginal product of nurses increases. OC. wage rate paid to nurses rises. O D. supply of labor curve for nurses shifts leftward. O E. wage rate paid to nurses falls.
not use ai please
QUESTION 3 A determinant of the demand for labor is the: O a. quantity of labor supplied. b. price of labor. c. price of the product made with the labor. d. marginal cost of hiring labor. QUESTION 4 A lower wage: a. has an income effect but not a substitution effect on the quantity of labor supplied. b. means a higher income for any given level of labor supplied. c. has an income effect which is always negative with respect to the quantity of labor supplied. d. has an income effect which is always positive with respect to the quantity of labor supplied.