Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter P3, Problem 9KC
To determine
The market supply curve of the labor
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An increase in the productivity of labor induces
a) a firm to hire fewer workers since fewer workers are needed with the increase in productivity.
b)an increase in the cost of labor.
c) a firm to offer a higher wage for workers since the workers are now more productive.
d) an increase in the demand for labor.
The idea that the demand for autoworkers stems from the demand for automobiles is
a )
output demand.
b )
indirect demand.
c )
derived demand.
d )
the value of the marginal product of autoworkers.
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.
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- The equilibrium quantity of labor increases and the equilibrium wage decreases when: A) labor supply shifts to the right, if wages are flexible, B) labor supply shifts to the left, if wages are flexible. C) labor demand shifts to the left, if wages are flexible. D) labor demand shifts to the right, if wages are flexible.arrow_forwardIf the demand for soccer tickets increases, why would an economist expect the salaries of soccer players to increase? because of the reduction in the supply of world-class soccer players because of the demand for an input being a derived demand because of the change in the opportunity cost of building new stadiums because of the principle of diminishing marginal productarrow_forward4a. In the space to the right, draw a graph that shows a high demand for labor in industry X and a high supply of labor in that industry. 4b. Draw a line to the y axis, showing the wage rate. 4c. What will the wage rate be like in this particular industry? 4d. What real-life industry do you think best matches this scenario? 5. In what scenario were wages the highest? 6. What factors might cause the supply of workers in a given industry to be low? 7. In what scenario were wages the lowest? 8. Do you think wages are always connected to the importance of a job? Explain.arrow_forward
- Wages (prices) for high-skilled labor have continually risen, despite an increase in people with college and advanced degrees. What is the most logical explanation for this? Group of answer choices A)Government has instituted a policy to reward college graduates with higher wages. B)Demand for high-skilled labor has decreased. C)Minimum wage has increased. D)Demand for high-skilled labor has increased.arrow_forwardLabor and capital are substitutes in production.If labor becomes more educated, then, ceteris paribus, a ) capital is substituted for labor. b ) labor is substituted for capital. c ) output decreases as does the rental rate. d ) output increases as does the price of the output.arrow_forwardAn increase in the price of an input will most likely? shift the demand to the left shift the demand curve to the right shift the supply curve to the right shift the supply curve to the leftarrow_forward
- What happens to the supply curve for labor (shifts to the right/left or stays the same) in the following situations: a) On factory workers: Factory workers’ union negotiated a lower standard work rule, where their minimum number of shirts produced be 60 shirts per day instead 100 shirts per day. b) On airline pilots: After the deregulation of the airlines, nonunion airlines increased their market share by 30 percent. c) On medical doctors:The state of Maharlika began to allow nurses to assume more of physicians’ responsibilities. d) On Wakandan Uranium miners: China agreed to limit its exports of Uranium to Wakandaarrow_forwardConsider this graph represents McDonald's demand for labor. Choose the 2 scenarios that would shift the demand for labor from D1 to D3. Group of answer choices McDonalds buys a machine that can do the work of 5 human employees. (Long Run) Breaking News: All McDonald's food contains traces of rat poison. People decide to eat less. The Travis Scott meal is heavily promoted on social media increasing people's desire to eat at McDonalds more often. McDonalds buys a machine that can do the work of 5 human employees. (Short Run)arrow_forwardThe "law of supply" functions in labor markets; that is, a higher __________ for labor leads to a higher quantity of labor supplied. price demand supply quantityarrow_forward
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