EBK FOUNDATIONS OF ECONOMICS
8th Edition
ISBN: 8220103632225
Author: PARKIN
Publisher: PEARSON
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Chapter 24, Problem 2MCQ
To determine
To identify:
The option that correctly explains the demand for labor curve.
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In the model of a competitive labor market, an increase in the wage, ceteris paribus, causes A. an increase in the quantity demanded of labor B. the MRP curve to shift to the left c. a decrease in the quantity demanded of labor D. the MRP curve shifts to the right
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The graph shows the labor market for low-skilled labor, DL and SL, and the labor market for high-skilled labor, DH and SH. The value of marginal product of skill is ______ an hour.
1. Describe how the wage rate and level of employment are determined if the labor market is purely competitive
Chapter 24 Solutions
EBK FOUNDATIONS OF ECONOMICS
Ch. 24 - Prob. 1SPPACh. 24 - Prob. 2SPPACh. 24 - Prob. 3SPPACh. 24 - Prob. 4SPPACh. 24 - Prob. 5SPPACh. 24 - Prob. 6SPPACh. 24 - Prob. 7SPPACh. 24 - Prob. 8SPPACh. 24 - Prob. 9SPPACh. 24 - Prob. 10SPPA
Ch. 24 - Prob. 11SPPACh. 24 - Prob. 1IAPACh. 24 - Prob. 2IAPACh. 24 - Prob. 3IAPACh. 24 - Prob. 4IAPACh. 24 - Prob. 5IAPACh. 24 - Prob. 6IAPACh. 24 - Prob. 7IAPACh. 24 - Prob. 8IAPACh. 24 - Prob. 9IAPACh. 24 - Prob. 1MCQCh. 24 - Prob. 2MCQCh. 24 - Prob. 3MCQCh. 24 - Prob. 4MCQCh. 24 - Prob. 5MCQCh. 24 - Prob. 6MCQCh. 24 - Prob. 7MCQCh. 24 - Prob. 8MCQ
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- What are the three most important variables that cause the market supply curve for labour to shift? The supply curve for labour shifts with changes in A. the population, the wage rate and opportunities in other labour markets. B. the price of the product, demographics and opportunities in other labour markets. C. the population, demographics and opportunities in other labour markets. D. the population, the quantity of other inputs and opportunities in other labour markets E. immigration, minimum wage legislation and the wage rate.arrow_forward3. Using a separate graph for each change, show the effects of the following changes on the market labor supply curve. a. a decrease in the wage rate b. an increase in the opportunity cost of time spent working c. a decrease in the marginal product of labor PROBLEMS FOR REVIEW d. an increase in the number of workersarrow_forwardFor each of the following determine the impact on the demand or the supply of labor and the effect on the equilibrium wage and quantity of labor employed. a. An increase in the price of capital. b. A union is formed which uses collective bargaining to obtain higher wages for its members. c. The marginal productivity of workers rises. d. People desire leisure more than ever before (e.g. it is Christmas Day). e. The wages offered in other labor markets requiring similar skills are now offering substantially higher wages. f. The fringe (non-monetary) benefits offered in this market have increased substantially. g. The government has just adopted an "open-door' immigration policy?arrow_forward
- 6. The Widget Company has the following production function. Number of Workers Number of Cases Produced 0. 1 9. 17 3. 24 4 30 5. 35 If widgets sell for $6 each and the wage rate is $33, how many workers will the company hire? a. b. 1 C. 21 d. 4arrow_forwardYou are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor. 1. Apple develops the iPhone and demand for it surges as people realize the benefits of this improved technology. You manufacture flip phones.arrow_forward4. On average, wages in Canada are higher than that of many other countries in the world. What explains the difference? Please use labour demand and supply curves as a guide.arrow_forward
- discussing factors of production. How would you determine the demand for a factor of production? What factors influence the supply and demand for labor? Examine how those factors impact market demand for labor. How do labor unions try to increase the demand for labor? What has made labor unions such an integral part of the workforce?arrow_forwardc. Show the effect of each of the following events on the market for labour in the computer tablet manufacturing industry:(i) The government buys tablets for all university students. (ii) More university students graduate in engineering and computer science. (iii) Computer firms build new manufacturing factories. (iv) If the population of the country suddenly grew because of a large immigration, what would you expect to happen to wages? What would happen to the rents earned by the owners of land and capital?arrow_forwardThe labor demand curve slopes downward because a. firms wish to hire fewer workers as the wage rate increases b. firms wish to hire more workers as the wage rate increases c. firms wish to supply fewer workers as the wage rate increases d. households wish to hire fewer workers as the wage rate decreasesarrow_forward
- Ford Motors 2010-2019 How does the type of labor used (high-skilled or low-skilled) impact the supply of labor? How do these influence the wage rate in the company?arrow_forwardAccording to the Classical labor demand curve, if wages increase from $10 to $20. employees will want to work more employers will want to hire less people employees will want to work less employers will want to hire more people Question 10 (1 point) According to the Classical labor supply curve, what would happen when wages increase from $10 to $20? O employers will want to hire less people employers will want to hire more people O employees will want to work less employees will want to work morearrow_forward1. Explain how a firm’s production function is related to its marginal product of labor, how a firm’s marginal product of labor is related to the value of its marginal product, and how a firm’s value of marginal product is related to its demand for labor. 2. Give two examples of events that could shift the demand for labor, and explain why they do so.arrow_forward
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