Principles of Economics (MindTap Course List)
8th Edition
ISBN: 9781305585126
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 18, Problem 4CQQ
To determine
Technological advancement and productivity.
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You are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor.
There is an increase in the price of steel. You make tractors.
An increase in the minimum wage will tend to cause which of the following to occur?
Select one:
a. an increase in the size of the surplus of labor
b. a rightward shift in the supply of labor
O c. a leftward shift in the demand for labor
O d. a reduction in the unemployment rate
What will happen to the demand curve if :
a. The demand for the product by labor declines
b. The prices of subtitute inputs fall
c. The productivity of labor increases
d. The wage rate declines
Chapter 18 Solutions
Principles of Economics (MindTap Course List)
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- Suppose that the market for labor is initially in equilibrium. An increase in the price of output will cause the equilibrium wage a. and the equilibrium quantity of labor to fall. b. and the equilibrium quantity of labor to rise. c. to rise and the equilibrium quantity of labor to fall. d. to fall and the equilibrium quantity of labor to rise.arrow_forwardYou are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain how this would change demand for labor. 1. The coronavirus pandemic forces people to shelter in place. You are an airplane mechanic looking for work in Louisville where UPS is headquartered.arrow_forwardLabor demand becomes more elastic as the demand for the firm’s output a. becomes more elastic b. becomes less elastic c. increases d. decreases e. is at market equilibriumarrow_forward
- QUESTION 7 Which of the following will result in a leftward shift of the market demand curve for labor (ceteris paribus)? a. an increase in labor productivity b.a decrease in the firm's product price Oc an increase in demand for the firm's product Od an increase in the wage ratearrow_forwardEconomicsarrow_forwardWhat happens to the supply curve when prices of factor of production risesarrow_forward
- You are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor. You own a sports equipment manufacturing firm. You were just informed rent at your warehouse space would double.arrow_forwardWhether the product market or the labor market, what happens to the equilibrium price and quantity for each of the four possibilities: increase in demand, decrease in demand, increase in supply, and decrease in supply.arrow_forwardThe effect of a change in the wage rate on the number of labor hours that firms are willing and able to hire will be smaller the a. less elastic is the demand for labor curve. b. less elastic is the supply of labor curve. C. more elastic is the demand for labor curve. d. more elastic is the supply of labor curve.arrow_forward
- In 1997 and 1998, the economy expanded, increasing the demand for labor and pushing up wages. Graph and answer the following Change in demand and supply Change in equilibrium price and quantityarrow_forwardWhen asked for investment advice, humorist Will Rogers joked that people should “[b]uy land. They ain’t making any more of the stuff.” Explain his advice in terms of the supply and demand modelarrow_forwardSuppose BMW runs a great ad campaign thatincreases demand and drives up the price of BMWs.What do you expect will happen to the demand forthe labor in auto-manufacturing plants? Explainhow the equilibrium price and quantity of labor willchangearrow_forward
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