Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 18, Problem 4QCMC
To determine
Technological advancement and productivity.
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Students have asked these similar questions
You publish a magazine for calculator collectors. To produce and distribute this magazine, you use a number of inputs:
• computers
labor
. раper
• postage
• staplers
What is the impact on the market, if the price of labor goes down ?
Choose one:
O A. The demand for the magazine shifts to the right, and the supply curve shifts to the left. The equilibrium price rises,
but there is an unknown change in the equilibrium quantity.
O B. The demand for the magazine does not change, and the supply curve shifts to the left. The equilibrium price rises, but
the equilibrium quantity falls.
O C. The demand for the magazine does not change, and the supply curve shifts to the right. The equilibrium price falls,
but the equilibrium quantity rises.
O D. The demand for the magazine shifts to the left, and the supply curve shifts to the right. The equilibrium price falls,
but there is an unknown change in the equilibrium quantity.
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.
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, 7th Edition (MindTap Course List)
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Similar questions
- A new law requires employers to provide health benefits to all workers who are employed more than 10 hours per week. This law results in a $3 per hour increase in the cost of the equilibrium hiring workers. The law is likely to the demand for labor and wage paid to workers. O increase: decrease increase : increase decrease: decrease decrease: increase ASUSarrow_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_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
- Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?arrow_forwardWhether the product market or the labor market, what happens to line equilibrium price and quantity for each of the four possibilities: increase in demand, decrease in demand, increase in supply; and decrease in supply.arrow_forwardName some farm that can cause a shift in the supply curve in markets for goods and services.arrow_forward
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