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How will each of the following scenarios impact the market for labor? A technological change of clothes that increases productivity of all workers. Impact on supply of labour Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left   Impact on demand for labor   Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left   Impact on wage rate    Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left Impact on employee level   Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left

How will each of the following scenarios impact the market for labor? A technological change of clothes that increases productivity of all workers. Impact on supply of labour Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left   Impact on demand for labor   Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left   Impact on wage rate    Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left Impact on employee level   Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter4: Labor And Financial Markets
Section: Chapter Questions
Problem 29P: Predict how each of the following events will raise or lower the equilibrium wage and quantity of...
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Question 5

How will each of the following scenarios impact the market for labor?

A technological change of clothes that increases productivity of all workers.

Impact on supply of labour

  1. Increase employment
  2. wage rates unchanged
  3. Increase wage rate.
  4. Decrease wage rates name, called and changed [movement along the curve]
  5. Employment unchanged.
  6. Shifts outwards/to the right
  7. decrease employment.
  8. Shift inwards/to the left

 

Impact on demand for labor

 

  1. Increase employment
  2. wage rates unchanged
  3. Increase wage rate.
  4. Decrease wage rates name, called and changed [movement along the curve]
  5. Employment unchanged.
  6. Shifts outwards/to the right
  7. decrease employment.
  8. Shift inwards/to the left

 

Impact on wage rate 

 

  1. Increase employment
  2. wage rates unchanged
  3. Increase wage rate.
  4. Decrease wage rates name, called and changed [movement along the curve]
  5. Employment unchanged.
  6. Shifts outwards/to the right
  7. decrease employment.
  8. Shift inwards/to the left

Impact on employee level

 

  1. Increase employment
  2. wage rates unchanged
  3. Increase wage rate.
  4. Decrease wage rates name, called and changed [movement along the curve]
  5. Employment unchanged.
  6. Shifts outwards/to the right
  7. decrease employment.
  8. Shift inwards/to the left
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