EBK MINDTAP ECONOMICS FOR BOYES/MELVIN'
10th Edition
ISBN: 9781305387614
Author: MELVIN
Publisher: VST
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Question
Chapter 30, Problem 13E
To determine
To explain:
The meaning of comparable worth and the problems associated with it.
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Students have asked these similar questions
In a market economy, the compensation of labour is determined by the interaction of demand and supply in each labour market, relative compensation by the interaction of relative demand and supply. A higher price for labour leads to a higher quantity of labour supplied, a lower price leads to a lower quantity supplied and prices and wages help coordinate economic activities. Do you agree this statement if so Why?
My sister graduated high school, she decided to go to university. The opportunity cost of going to university is the wages she gave up working full time for the number of years she was in university. Could you please explain in economic terms why opportunity cost exists in this specific situation?
If wages for entry‑level jobs rise as a result of a tight labor market, how might this affect the number of people going to college immediately after high school, all else equal?
As a result, the number of high school graduates immediately enrolling in college will
a.stay the same
b.rise
c.fall
because the opportunity cost of going to college has
a.fallen
b.risen
c.stayed the same
.
Chapter 30 Solutions
EBK MINDTAP ECONOMICS FOR BOYES/MELVIN'
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