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- Why are labour markets imperfect?Give five reasons.The labor supply curve is fundamentally a representation of the trade-off people face between which of the following? technology and wages work and leisure wages and productivity work and wagesHow does an increase in the minimum wage affect employment in the short run according to conventional economic theory? A. Increases employment B. Decreases employment C. Has no effect on employment D. Depends on other factors
- 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 disasterIn 1997 and 1998, the economy expanded, increasing the demand for labor and pushing up wages. Change in Demand Increase Decrease Did not Change Indeterminate Change in Supply Increase Decrease Did not Change IndeterminateQ1. What effect would each of the following have on the value of the firm?(a) A new advertising campaign increases the sales of the firm substantially.(b) A new competitor enters the market.(c) The production department achieves a technological breakthrough that reduces Production costs.(d) The firm is required to install pollution-control equipment.(e) The workforce votes to unionize.(f) The rate of interest rises.(g) The rate of inflation changes
- If an individual labor supply curve bends backward at some high wage, so does the market labor supply curve. True or False?The equilibrium quantity of labor and the equilibrium wage increase when: A) labor supply shifts to the left, if wages are flexible. B) labor supply shifts to the right, if wages are flexible. C) labor demand shifts to the right, if wages are flexible. D) labor demand shifts to the left, if wages are flexible.What is the difference between factor cost and market price? According to macro economics?
- Entrepreneurs absorb the risk of starting and running a company. Is Kennedy right about allowing employers to set the wage and not the employee? Explain your answer.Jess owns a firm that uses labour (L) and capital (C) to sell widgets (X), according to the following production function: X = F(L,C) = ln(L) + ln(C) Jesse buys her factors and sells her output in perfectly competitive markets. The market prices for L, C and W are a, r and p, respectively. What is the firms demand functions for labour and capital. Say the central bank decides to increase interest rates, causing ? to go up. What effect will this have on the firm’s use of L and C? What effect will it have on output (X) and profits?Economics Which of the following statements best describes labor demand? a. The long-run labor demand is more elastic to wage rate than the short-run labor demand. b. The labor demand of a firm is more elastic to wage rate than the labor demand of the industry to which the firm belongs. c. In the short-run, firms have little scope in adjusting capital stock. Therefore, labor demand decisions of firms rest on how the marginal revenue from labor input is compared to the marginal cost of labor input. d. All of the above.