You publish a magazine for calculator collectors. To produce and distribute this magazine, you use a number of inputs:• computerslabor. раper• postage• staplersWhat is the impact on the market, if the price of labor goes down ?Choose one:O A. The demand for the magazine shifts to the right, and the supply curve shifts to the left. The equilibrium price rises,but there is an unknown change in the equilibrium quantity.O B. The demand for the magazine does not change, and the supply curve shifts to the left. The equilibrium price rises, butthe equilibrium quantity falls.O C. The demand for the magazine does not change, and the supply curve shifts to the right. The equilibrium price falls,but the equilibrium quantity rises.O D. The demand for the magazine shifts to the left, and the supply curve shifts to the right. The equilibrium price falls,but there is an unknown change in the equilibrium quantity.

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

Answered: You publish a magazine for calculator…

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter12: Labor Markets And Labor Unions

Section: Chapter Questions

Problem 1.1P

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Similar questions

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In the labor market, what causes a movement along the supply curve? What causes a shift in the supply curve?
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Consider a factory that produces iPhones. This factory relies on both employees (labor) and machines (capital). Which of the following would decrease the demand forlabor?O a. Public taste shifts away from iPhones towards AndroidsO b. The price of capital falls and labor is easily substituted for capital.O c. The factory has trouble hiring competent workers (workers become less productive).O d. (b) and (a)O e. all of the above
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Suppose that the president proposes a new lawaimed at reducing healthcare costs: All Americans arerequired to eat one apple daily.a. How would this apple-a-day law affect thedemand and equilibrium price of apples?b. How would the law affect the marginal productand the value of the marginal product of applepickers?c. How would the law affect the demand andequilibrium wage for apple pickers?
Suppose a devastating cyclone had destroyed enormous amount of forest land in theSundarbans area of Bangladesh. Instead of reforestation, the government has decidedto clear those enormous amount of forest land for agricultural use.a. Graphically show the impact of this event on the market for agricultural landin Bangladesh. What has happened to the marginal product of land and therental price of land in Bangladesh?b. Show the impact of this event on the market for Bangladeshi farm workers inanother graph. What has happened to the marginal product of farm labour andthe wage of farm labour?
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Only typed answer and please don't use chatgpt How does the market for inputs like labor differ from the market for goods and services? (Check all that apply.) Part 2 A. Firms are sellers in the market for goods and services, while individuals are sellers in the market for inputs. B. The demand for inputs is derived from the demand for final goods and services. C. Firms are buyers in the market for inputs, while individuals are buyers in the market for goods and services. D. The market for inputs resolves shortages and surpluses through government-supervised negotiations.
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a) If Wm = Wf from what type of labor market does the firm hire its workers? b) Assume the productivity of workers increases as a result of improvement in technology. What will happen to each of the following in the short run? i) The market demand for labor ii)The wage rate the firm will pay c) Suppose the firm only produces good X and that the price of good Y, a substitute good, decreases. What will happen to the optimal quantity of labor the firm will hire? Explain. d) If the labor market were a monopsony, would the monopsonist hire more, fewer, or the same number of workers as QM to maximize its profit?

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