PRIN OF MICROECONOMICS
2nd Edition
ISBN: 9780393914085
Author: coppock
Publisher: Norton, W. W. & Company, Inc.
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Chapter 14, Problem 5QR
To determine
Describe the causes of the wages to rise when the wages are below the equilibrium level.
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Explain how the changes in wages can affect equilibrium.
Describe what happens to quantity of labor supplied when wages are at the equilibrium level, above equilibrium, and below equilibrium.
Why does the collective behaviour of supply managers have such an impact on economic trends?
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- If higher wages raise productivity, does supply and demand determine wages?arrow_forwardHow do wages affect labor supply?arrow_forwardWhat would be the effect of a decrease in the price of lumber on demand for labor in the lumber producing industry? The demand for labor will remain unchanged The demand for labor will increase The demand for labor will decreasearrow_forward
- What impact does the minimum wage have on the economy?arrow_forwardthe supply of labor will not change if all pricess and wage rates increase by the same percentage? is that is falsearrow_forwardGive at least ten explanations for why firms might find it profitable to pay wages above the level that balances the quantity of labor supplied and quantity of labor demanded? not copy pastearrow_forward
- Explain in two ways how the equilibrium wage can be disturbedarrow_forwardIn the labor market, what causes a movement along the supply curve? What causes a shift in - the supply curve?arrow_forwardtrue or false? The entrance of more workers into a particular labor market is likely to drive down the wage in that marketarrow_forward
- List the factors that increase or decrease resource demand.arrow_forwardSuppose BMW runs a great ad campaign that increases demand and drives up the price of BMWs. Which of the following do you expect to happen to the equilibrium price and quantity of BMW labor? Pick one of the following: The equilibrium price (wage) and quantity of labor will both decrease. The equilibrium price (wage) will increase while the quantity of labor will decrease. The equilibrium price (wage) will decrease while the quantity of labor will increase. The equilibrium price (wage) and quantity of labor will both increase.arrow_forwardWhat are the effects on the equilibrium price and quantity of steel if the wages of steelworkers rise and, simultaneously, the price of aluminum rises?arrow_forward
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