Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Question
Chapter P3, Problem 9KC
To determine
The market supply curve of the labor
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The "law of supply" functions in labor markets; that is, a higher __________ for labor leads to a higher quantity of labor supplied.
price
demand
supply
quantity
(Draw this out to check your work) If both the supply curve and demand curve shift to the LEFT at the SAME TIME, equilibrium quantity will definitely decrease and equilibrium price will
Group of answer choices
definitely increase.
definitely decrease.
definitely stay the same.
either increase, decrease, or stay the same, depending on which curve shifts the farthest.
FACTORS AFFECTING SUPPLY. Explain the following factors
• International Changes
• Legislative Changes
Factors of Job Habits
Structure of Manpower
• Change of Job Habits
Economic Conditions
• Standard of Judgment
• Social Changes
Geography and
Competitive Conditions
• Technological Changes
Education level of Workers
Knowledge Booster
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- Wages (prices) for high-skilled labor have continually risen, despite an increase in people with college and advanced degrees. What is the most logical explanation for this? Group of answer choices A)Government has instituted a policy to reward college graduates with higher wages. B)Demand for high-skilled labor has decreased. C)Minimum wage has increased. D)Demand for high-skilled labor has increased.arrow_forwardAn increase in the price of an input will most likely? shift the demand to the left shift the demand curve to the right shift the supply curve to the right shift the supply curve to the leftarrow_forwardShow the effect of each of the following events (using a properly labeled supply/demand diagram) on the market for labor in the computer manufacturing industry.A. Congress buys personal computers for all U.S. college students. B. More college students major in engineering and computer science.C. Computer firms build new manufacturing plants and a new study shows declining job satisfaction in the computer manufacturing industry.arrow_forward
- For each of the following situations relating to the supply of pizza: Identify the factor affecting supply Demonstrate on the axes provided, and explain, the effects of the change. (i) an increase in the number of pizza sellers Factor: ____________________________________ Explanation: _______________________________ (ii) an increase in the price of flour Factor: ____________________________________ Explanation: ________________________________arrow_forwardAn increase in the productivity of labor induces a) a firm to hire fewer workers since fewer workers are needed with the increase in productivity. b)an increase in the cost of labor. c) a firm to offer a higher wage for workers since the workers are now more productive. d) an increase in the demand for labor.arrow_forwardThe government passes a new law that allows businesses to receive wage subsidies, then: Supply curve for workers will shift to the right Supply curve for workers will shift to the left. Demand curve for workers will shift to the left Demand shift for workers will shift to the right. Both Supply and demand will shift to the right.arrow_forward
- Assume the wages of carpenters increases. Describe what will happen to the supply of housesarrow_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 how this would change demand for labor. 1. The coronavirus pandemic forces people to shelter in place. You are an airplane mechanic looking for work in Louisville where UPS is headquartered.arrow_forwardFor each of the following changes, determine whether there will be a change in quantity supplied or a change in supply. a) a change in the resource cost b) a change in producer expectations c) a change in pricearrow_forward
- (Draw this out to check your work) If the supply curve shifts to the left and the demand curve shifts to the right at the SAME TIME, equilibrium price will definitely increase and equilibrium quantity will Group of answer choices definitely increase. definitely decrease. definitely stay the same. either increase, decrease, or stay the same, depending on which curve shifts the farthest.arrow_forward(Draw this out to check your work) If both the supply curve and demand curve shift to the RIGHT at the SAME TIME, equilibrium quantity will definitely increase and equilibrium price will Group of answer choices - definitely increase. - definitely decrease. - definitely stay the same. - either increase, decrease, or stay the same, depending on which curve shifts the farthest.arrow_forwardQUESTION 6)Other things being equal, show how the following conditions will affect the labor supply curve.a) Effect of increase in accountant fee on accountant supplyb) Effect of increase in insurance agency fee on accountant supplyc) due to the civil war in Syria, especially Turkey a significant portion of the population in Syria effect on the supply of labor migration to other countriesd) The impact of the public increasing the safety standards in skyscraper construction on the supply of skyscraper construction workersarrow_forward
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