The graph on the right shows a labor market in equilibrium The equilibrium wage is $10 per hour. At this wage, there are people who are not workıng, which is represented by the segment of the labor supply curve above the equilibrium wage Why are these people not workıng in this market? Labor O A. These people have decided not to work right now, regardless of the wage. supply curve O B. These people applied for employment at $10 per hour but were not hired by the firm OC. These people are only willing to work for wages above the markel-clearurig wage 10 OD. This represents those who are not yet 16 years of age and therefore not eligible to work Labor demand curve Quantity of labor

The graph on the right shows a labor market in equilibrium The equilibrium wage is $10 per hour. At this wage, there are people who are not workıng, which is represented by the segment of the labor supply curve above the equilibrium wage Why are these people not workıng in this market? Labor O A. These people have decided not to work right now, regardless of the wage. supply curve O B. These people applied for employment at $10 per hour but were not hired by the firm OC. These people are only willing to work for wages above the markel-clearurig wage 10 OD. This represents those who are not yet 16 years of age and therefore not eligible to work Labor demand curve Quantity of labor

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter19: Earnings And Discrimination

Section: Chapter Questions

Problem 3PA

See similar textbooks

Similar questions

What is die price commonly called in the labor market?
Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?
Under what Circumstances would a minimum wage be a nonbinding price floor? Under what circumstances would a living wage be a binding price floor?
In the labor market, what causes a movement along the supply curve? What causes a shift in the supply curve?
Other than the demand for labor, what would be another example of a 'derived demand?
Predict how each of the following events will raiseor lower the equilibrium wage and quantity of oilworkers in Texas. In each case, sketch a demand andsupply diagram to illustrate your answer.a. The price of oil rises.b. New oil-drilling equipment is invented that ischeap and requires few workers to run.c. Several major companies that do not drill oilopen factories in Texas, offering many well-paidjobs outside the oil industry.d. Government imposes costly new regulations tomake oil-drilling a safer job
A government passes a family-friendly law that no companies can have evening, nighttime, or weekend hours, so that everyone can be home with their families during these times. Analyze the effect of this law using a demand and supply diagram for the labor market: first assumingthatwagesareflexible,andthenassumingthat wages are sticky downward.
Which of the diagrams illustrates the effect of an increase in automobile worker wages on the market for automobiles? i dont understand why it would be D.
iples of Microeconomics Spring20 spring21 - Wage rate Idollars per hou 8 2 0 40 80 120 160 Quantity of labor (millions of hours per year P The figure above shows the market for low-skilled labor in Midland city in a nation to the south. The government sets a minimum wage at $6 per hour. With the minimum wage law enacted, at the quantity of labor employed, the value to the firm of last worker hired is the wage rate for which that person is willing to work. O a the same as O b. $3 per hour greater than Oc $3 per hour less than Od $1 per hour greater
Figure 18b This figure below shows the labor market for automobile workers. The curve labeled S is the labor supply curve, and the curves labeled D1 and D2 are the labor demand curves. On the horizontal axis, L represents the quantity of labor in the market. 0 S D₁ What is measured along the vertical axis on the graph? O a. the wage paid to automobile workers O b. time spent by workers producing automobiles O c. the quantity of automobiles produced O d. the price of automobiles L
Quiz na 16 Mary 8. 11 4 10 5 Quantity (thousands of hours per month) Fin In the above figure, if the government imposed a minimum wage of $16 per hour in this labor market, the increase in the hourly wage for those who are able to keep their jobs is Oa. $8 per hour. O b. $12 per hour. O C. $4 per hour. O d. $16 per hour. CLEAR MY CHOICE Wage rate (dollars per hour) 1,
Wil save tihis response. Question 9 Wage per Hour Quantity of Labor Supplied Quantity of Labor Demanded 30 SAR 160 240 50 SAR 180 220 70 SAR 90 SAR 200 200 220 180 110 SAR 240 160 130 SAR 260 140 What is the equilibrium wage in the above labor market?