What happens to the supply curve when the price of the factor of production would rise?

Q: The firm’s demand schedule for labour is a negative function of the wage because, as the firm uses…

A: Law of demand applies to all the markets, be it product market or labor market.  Demand schedule is…

Q: What happens to the supply curve when the there is advancement in technology

A: Solving with the help of graph

Q: The top graph below shows David’s preferences for leisure and consumption. In the bottom graph,…

A: A labor supply curve is the locus of all points representing the various number of hours of labor…

Q: hich of the following would increase the demand for labor? There’s an increase in the number of…

A: The following problem has been answered as follows:

Q: Will an increase in the minimum wage cause a shift in the demand curve for unskilled labor? Will an…

A: Wage is the amount that is given to the workers for using labor. It is a factor of production. An…

Q: What is meant by an inferior factor of production? How would the firm’s demand for labour be altered…

A: In economic representations, factors of production can be described as inputs that are utilized for…

Q: If the quantity of labor supplied is less than the quantity of labor demanded, then we can expect:

A: The labour market include demand of labour and supply of labour.

Q: What conditions are necessary for arbitrage to work?

A: In arbitrage , a financial investor finds different business sectors for a resource. In some cases…

Q: Pizza subs S The producer of pizza is able to get tomatoes for half the regular price. What will be…

A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…

Q: What is the slope of the given supply curve?

A: Supply Curve: - supply curve is the graphical way of showing the relationship between the quantity…

Q: Which of the following does not shift the supply curve for marble rye?A) A change in the price of…

A: To determine the factor that does not shift the supply curve for Marble Rye.

Q: what is the optimal price for the quantity of goods for the firm to produce?

A: Optimal price is the price at which at which the seller can make maximum profit.

Q: Which of the following diagrams shows a production function wihere the inputs are perfect…

A: When the inputs can be used in place of each other, they are known as perfect substitutes.

Q: Consider the market for labor depicted by the demand and supply curves that follow. Use the…

A: At a wage of $15, correspondingly the demand for labor is 450 and the supply of labor is 750 with…

Q: If soccer becomes more popular in the United States and basketball becomes less popular, is it true…

A: The law of supply and demand is a principle that describes how sellers of a resource deal with…

Q: What is the difference between factor cost and market price? According to macro economics?

A: Macroeconomics is the branch of study in economics that deals with a wider perspective of the…

Q: What is the difference between movement along the demand and supply curve due to a change

A: The law of demand states as the price rises the demand for a good goes down. Alternatively, the law…

Q: Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are…

A: The market price at which the supply of a product equals the quantity demanded is referred to as the…

Q: Which of the following best explains the shift in the a A decrease in the productivity of workers…

A: A rightward shift in the labor demand curve implies that the demand for labor has increased for a…

Q: What is the best example of a marginal change? After graduating from university, Neville's income…

A: The marginal change would result in the change of one variable when another variable changes by a…

Q: Suppose a devastating cyclone had destroyed enormous amount of forest land in the Sundarbans area of…

A: The forces of demand and supply determine the equilbrium price and quantity in a competitive market.…

Q: You are given a scenario where this a change in a factor of production or a change in demand for an…

A: Change in the price of factor of production will effect cost of production.  In case I make…

Q: You are given a scenario where this a change in a factor of production or a change in demand for an…

A: Answer: Scenario: The coronavirus pandemic forces people to shelter in place. You are an airplane…

Q: You publish a magazine for calculator collectors. To produce and distribute this magazine, you use a…

A: When the price of labor falls then the cost of production falls. This implies firm can increase…

Q: Using the market supply graph, show the law of supply.

A: The law of supply states, ceteris paribus(keeping other things constant) when the price(P) of a good…

Q: Assume the wages of carpenters increases. Describe what will happen to the supply of houses

A: Supply of a good shows direct relationship between price and quantity supplied.

Q: What do economists mean by the concepts of a price taker and price maker

A: A price taker is when a company has to accept the price that is prevailing in the market of the…

Q: Explain how to find the equilibrium priceand quantity for a factor of production.

A: A rational producer will be in equilibrium when output is maximized within a given cost or cost is…

Q: Increase in the number of firms will shift the supply curve to the....?

A: Supply curve- It shows the supply of quantity at each price.

Q: f leisure is an inferior good, what can you say about the slope of the labor supply curve?

A:

Q: Question What will be the demand of inputs when the input price depends on the demand

A: If the input price depends on demand.It means,if demand for inputs increases,supply remaining same…

Q: Given the scarcity of semiconductors in the production of new cars, what is the effect on the supply…

A: Supply curve shows the positive relationship between the price and quantity supplied of good. It is…

Q: On the following graph, show the effect of the hike in the price of oil on the market supply of…

A: The hike in the price of oil then the market supply of boats will decrease and the supply curve will…

Q: The wage rate is the price of a unit of labor. What happens to the quantity of labor supplied if the…

A: Answer is given below

Q: When asked for investment advise, humorist Will Rogers joked that people should "buy land. They…

A: A person pronounces that there is a shortage of land in the market. Since, the quantity demand for…

Q: The government raises the minimum wage from $7.25 to $10.00 per hour. What is the effect on the job…

A: The demand curve of the good shows the quantity demanded of the good at various possible market…

Q: On the graph below click on the upper end point of the supply line S1 and drag it to the left by…

A:

Q: Who determines the price in perfect markets?

A: In a perfect competition, there are large number of buyers and sellers who does not control the…

Q: Give three reasons a worker’s wage might be above the level that balances supply and demand

A: Three reasons that a worker's wages might be above the level that balances supply and demand are…

Q: Explain briefly what is a supply curve.

A: In a market, supply refers to the economic term used to explain the behavior of the producer who…