Question 1: chapter 2 from the textbook Inequality, Discrimination, Poverty, and Mobility. "Surpluses of labor cause...
Question 1: chapter 2 from the textbook Inequality, Discrimination, Poverty, and Mobility.
"Surpluses of labor cause wages to fall and shortages of labor cause wages to rise. Tell a plausible story to explain both phenomena. Why are wages stable at equilibrium?"
Homework Answers
Surplus of labor cause wages to fall and shortages of labor cause wages to rise.
Suppose a factory needs 10 workers and afford to pay $10 to each but the labor supplied in the market is at 15 in which case,the factory owner will decrease the wages in order to employ more labor as the bargaining power of the factory is greater than those of the labors.On the other hand,if the labor supplied in the market is 8 then the factory has to offer more wages in order to hire those workers so that the production of goods can be started in time.
The wages are stable at the equilibrium because at this level the number of labor supplied is equal to the number of labor demanded at a given wage rate so that there is neither shortage nor surplus.
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