Anything that makes the efficiency wage rise relative to the market-clearing wage will a. increase both...
Anything that makes the efficiency wage rise relative to the market-clearing wage will
|
a. |
increase both the quantity demanded and the quantity supplied of labour. |
|
b. |
decrease both the quantity demanded and the quantity supplied of labour. |
|
c. |
increase the quantity demanded and decrease the quantity supplied of labour. |
|
d. |
decrease the quantity demanded and increase the quantity supplied of labour. |
Homework Answers
Option D.
- Anything that makes the efficiency wage rise relative to the market clearing wage will decrease the quantity demanded and Increase the quantity supplied of labour.
- Most of the firm's Increase their efficiency wages above the market clearing wage level so as to increase their productivity level.
- But these wages will cause an increase in the quantity of labour supplied but decrease the quantity demanded as workers will demand more leisure than work when their wages are high.
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