Suppose Ali receives a wage increase from 200 TL to 400 TL per hour, holding his non-labor income constant. Then his hours of work per month necessarily increase in response to increased hourly wages.
True/False/Uncertain
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Suppose Ali receives a wage increase from 200 TL to 400 TL per hour, holding his non-labor income constant. Then his hours of work per month necessarily increase in response to increased hourly wages.
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Unemployment can arise in an economy even when there is no imbalance between the number of available workers and number of available jobs; and there is no mismatch between the skills of available workers and skill requirements of available jobs. -
The long-run labor demand is more elastic than the short-run labor demand as firms can adjust both capital and labor in the long-run; and they can fully take advantage of changes in the price of labor.
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