e. How would you explain your description in part (b) in terms of a supply and demand model of the market for labor? f. How would you explain your description in part (c) in terms of a supply and demand model of the market for labor?

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter14: Labor Markets And Income
Section: Chapter Questions
Problem 1SCQ: Table 14.10 shows levels of employment (Labor), the marginal product at each of those levels, and...
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e f

b. What happened to the employment to population ratio in the recession of 2008?
c. What happened to the employment to population ratio in the pandemic of 2020? Compare to
part (b).
d. In a supply and demand model of the market for labor, who demands labor and who supplies
labor?
e. How would you explain your description in part (b) in terms of a supply and demand model of
the market for labor?
f. How would you explain your description in part (c) in terms of a supply and demand model of
the market for labor?
Transcribed Image Text:b. What happened to the employment to population ratio in the recession of 2008? c. What happened to the employment to population ratio in the pandemic of 2020? Compare to part (b). d. In a supply and demand model of the market for labor, who demands labor and who supplies labor? e. How would you explain your description in part (b) in terms of a supply and demand model of the market for labor? f. How would you explain your description in part (c) in terms of a supply and demand model of the market for labor?
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