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The following factors could shift up (or to the left) the total Supply Curve of Labor, leading to a higher wage in equilibrium, EXCEPT:
Question 2 options:
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An increase in the Cost of college education. |
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An increase in the value of leisure. |
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An increase in |
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An increase in the number of people going into retirement. |
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- The following factors could shift up (or to the left) the total Supply Curve of Labor, leading to a higher wage in equilibrium, EXCEPT: Question 2 options: An increase in the Cost of college education. An increase in the value of leisure. An increase in Unemployment benefits.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.Q1: Which of the following would shift a market labor supply curve to the left? Group of answer choices an increase in the price of an output labor-saving technology a change in worker tastes so that workers want to spend more time home with family an increase in immigration
- Which of the following is likely to shift the labor supply curve to the right, assuming all else equal? A rise in the wage rate A fall in the wage rate A rise in the immigration of workers in search of better work opportunities A fall in the population of a country due to a natural disasterWhich of the following is not correct? In a labor market, the wage adjusts to balance the supply and demand for labor. A profit-maximizing firm hires workers so long as the wage rate exceeds the value of the marginal product of labor. Any event that changes the supply or demand for labor must change the equilibrium wage. Any event that changes the supply or demand for labor must change the value of the marginal product.Boeing created, and recently expanded, an airplane manufacturing center in Charleston, South Carolina. One of the factors that likely influenced this location decision is that South Carolina is a "right to work" state. This represents a) a place factor related to labor. b) a transportation factor related to the market. c) higher wages for Boeing workers in South Carolina relative to Washington. d) a place factor related to the political environment.
- 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.The equilibrium wage rate in an industry is determined by a) whether workers or management are better at negotiating. b) finding where the market supply curve indicates that the substitution effect and income effect of a wage increase are offsetting. c) the strength of the substitution effect relative to the elasticity of demand for labor. d) the intersection of the market demand curve for labor and the market supply curve for labor.This figure below shows the labor market for automobile workers. The curve labeled S is the labor supply curve, and the curves labeled D1 and D2 are the labor demand curves. On the horizontal axis, L represents the quantity of labor in the market. Refer to Figure 18-4. Which of the following is a possible explanation of the shift of the labor-demand curve from D1 to D2? Question 17 options: The wage earned by automobile workers increased. The opportunity cost of leisure, as perceived by automobile workers, decreased. The price of automobiles increased. Large segments of the population changed their tastes regarding leisure versus work.
- Answer the questions on the right based on the following scenario: Car Manufacturer Scenario: You are a minimum-wage worker at a U.S. company that makes cars. Last month’s finance report on your profits and sales is below. This morning, your government announced it would save the American people money on cars by capping the price of the kind of cars you make at $10,000. Some of your co-workers know you are taking this course and want to know what you think will happen. Monthly Financial Report Total Profit Total Monthly Revenue $2,400,000 Total Monthly Costs $2,000,000 Total Monthly Profit $400,000 Revenue Average Price of Cars # of Cars Sold Total Revenue $12,000 200 $2,400,000 Employee Salaries Hourly Rate Monthly Pay per Employee # of Employees Total Monthly Cost General Manager $30/hour $4,800 1 $4,800 Shift Managers $15/hour $2,400 5 $12,000 Assembly-Line Employees $12/hour $1,920 25…Supply: Thinking Like a Seller - End of Chapter Problem Jerome is working as an IT consultant. His individual labor supply curve is given in the accompanying graph. Jerome decides to enroll in college and will begin taking classes next semester. Make the appropriate change to the graph to show the most likely effect on Jerome's labor supply curve of his decision to attend college. If Jerome's decision to attend college results in a change in supply, shift the supply curve appropriately, but leave the wage line unchanged. If Jerome's decision to attend college results in a change in quantity supplied, adjust the wage line appropriately, but leave the supply curve unchanged. Wage Jerome's individual labor supply curve Wage Quantity SupplyAnswer the questions on the right based on the following scenario: Car Manufacturer Scenario: You are a minimum-wage worker at a U.S. company that makes cars. Last month’s finance report on your profits and sales is below. This morning, your government announced it would save the American people money on cars by capping the price of the kind of cars you make at $10,000. Some of your co-workers know you are taking this course and want to know what you think will happen. Monthly Financial Report Total Profit Total Monthly Revenue $2,400,000 Total Monthly Costs $2,000,000 Total Monthly Profit $400,000 Revenue Average Price of Cars # of Cars Sold Total Revenue $12,000 200 $2,400,000 Employee Salaries Hourly Rate Monthly Pay per Employee # of Employees Total Monthly Cost General Manager $30/hour $4,800 1 $4,800 Shift Managers $15/hour $2,400 5 $12,000 Assembly-Line Employees $12/hour $1,920 25…
