W/P Labor supply e) None of the above. MPL, Labor demand L The above graph is taken from chapter 2 in the slides. In the 1980s, because of the decline of the manufacturing industry in the US, Kaiser Steel closed down many of its plants, in particular its San Bernardino plant. As a result, a large number of workers moved from San Bernardino to LA. Given this information, and ignoring changes in capital and other variables, you would expect real wages to be a) lower both in LA and San Bernardino. b) higher both in LA and San Bernardino. c) lower in LA and higher in San Bernardino. d) higher in LA and lower in San Bernardino.

W/P Labor supply e) None of the above. MPL, Labor demand L The above graph is taken from chapter 2 in the slides. In the 1980s, because of the decline of the manufacturing industry in the US, Kaiser Steel closed down many of its plants, in particular its San Bernardino plant. As a result, a large number of workers moved from San Bernardino to LA. Given this information, and ignoring changes in capital and other variables, you would expect real wages to be a) lower both in LA and San Bernardino. b) higher both in LA and San Bernardino. c) lower in LA and higher in San Bernardino. d) higher in LA and lower in San Bernardino.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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