Principles of Microeconomics
7th Edition
ISBN: 9781305156050
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 18, Problem 5CQQ
To determine
Growth of real wage.
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Students have asked these similar questions
(a) If WM = Wp, 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?
The market demand for labor
(ii) The wage rate the firm will pay. Explain.
Economics
Q)how changes in productivity influence the demand for labor.
please explain correctlt
Dont give any explaination.....just answer the 3 MCQs below.
1. Meaghan does an "office" job in her apartment by relying on information technology, including telephones, computers, and the internet. This pattern is described as participating in __________.
a.
the centralization of work
b.
economic outsourcing
c.
the Industrial Revolution
d.
the gig economy
2. In which of the following regions of the country have all states enacted "right to work" laws that ban unions from requiring all workers to pay union dues?
a.
the West Coast
b.
the Northeast
c.
the Midwest
d.
the South
According to the liberal view, __________.
a.
government must regulate the workplace in order to protect the interests of workers
b.
the workplace should operate with no government involvement
c.
the employer is best able to regulate workplace conditions
d.…
Knowledge Booster
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- Please respond to the following prompt: This week's focus is labor economics. 1. Lebron James makes more money than the President of the U.S. Do you believe this is fair or unfair? (Only focus on salary, not endorsements) 2. What are the non-monetary benefits you look for in a job? Why do you believe non-monetary benefits or incentives become more important than salary to prospective employees over time?arrow_forwardShawn's boss pays him $5/hr more than what other people in similar jobs make and because of this he works a lot harder. What is this an example of? menu costing efficiency wages opportunity costing flexible wagesarrow_forwardA.The market demand for labour is the sum of all the individual firms’ demand curves.Identify four factors that can cause the market demand curve to shift.B.Why are labour markets imperfect? Give five reasons.arrow_forward
- a) Finish the data for this table using the price = $5 b) Now figure out how many workers to hire if the wage is $65. Explain why this is the correct number of workers to hire (i.e. if a different number of workers is hired what will happen to the business) (image attached)arrow_forwardA. Explain, with the aid of a graph, the equilibrium position of a firm operating in a perfectly competitive labour market.(Note: do the graph and the explanation) B. The market demand for labour is the sum of all the individual firms’ demand curves.Identify four factors that can cause the market demand curve to shift. C. Why are labour markets imperfect? Give five reasonsarrow_forwardDescribe the need to be flexible in their approach to work, responding positively to changes or amendments required by the business.arrow_forward
- Some economists argue that unions raise prices and cause unemployment by bargaining for higher wages than would otherwise be the case. Other economists argue that this is not true. Who is right and why? Solve within one hourarrow_forwardAssume that supply curve is vertical and labour demand curve shifts to the left.This would lead to a _______ real wage and _______ in unemployment. A) higher/increase B) lower/ decline C) no change / no change D) lower / no change E) lower / increasearrow_forwardAssume that supply curve is vertical and labour demand curve shifts to the left. This would lead to a ..... real wage and ..... in unemployment. a) higher/increase b)lower/decline c) no change/no change d)lower/no change e)lower/increasearrow_forward
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