Which of the following best describes what has happened to the U.S. labor supply and labor demand over a century? a. Increases in labor supply have outpaced increases in labor demand. b. Labor supply increased and labor demand decreased. c. Labor demand increased and labor supply decreased. d. Increases in labor demand have outpaced increases in labor supply.

Which of the following best describes what has happened to the U.S. labor supply and labor demand over a century? a. Increases in labor supply have outpaced increases in labor demand. b. Labor supply increased and labor demand decreased. c. Labor demand increased and labor supply decreased. d. Increases in labor demand have outpaced increases in labor supply.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter20: Unemployment

Section20.3: Minimum-wage Laws

Problem 3QQ

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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.
Question 4 Using your knowledge and understanding of supply and demand analysis to graph the following and explain your graph: (a) an increase in labour productivity. (b) an increase in preference for work. (c) the trade union withdraws labour through a strike.
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Three main ideas help explain why the prices of some services, such as education, health care, and the performing arts, continue to rise relative to those of other goods or services. 1. real wages in different occupations can rise at varying rates in the long run, 2. Real wages tend to rise at the same rate as labor productivity. 3. Productivity cannot or does not grow for certain services. Using these three ideas, indicate which of the following statements about high school teachers and factory workers is true in accordance with the cost disease of the personal services? Check all that apply. A. Wages of high school teachers will rise at a faster rate than the rate of productivity growth. B. Because high school teachers are no more productive than they used to be but factory workers are, the real wage of factory workers must grow faster than that of high school teachers. C. The services of high school teachers will become relatively more expensive than those of…
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	a.	Increases in labor supply have outpaced increases in labor demand.
	b.	Labor supply increased and labor demand decreased.
	c.	Labor demand increased and labor supply decreased.
	d.	Increases in labor demand have outpaced increases in labor supply.