Question

1. Refer to the table below, which describes a labor market.

Wage	Quantity Labor Demanded	Quantity Labor Supplied
$7.25/hr	7,000	800
$9.25/hr	6,900	3,800
$11.25/hr	6,800	6,800
$13.25/hr	6,700	9,800
$15.25/hr	6,600	12,800
$17.25/hr	6,500	15,800

What is the equilibrium wage and labor quantity in this market?

Group of answer choices

$13.25/hr and 9,800

$7.25/hr and 7,000

$11.25/hr and 6,800

$15.25/hr and 6,600

2. Refer to the table below, which describes a labor market.

Wage	Quantity Labor Demanded	Quantity Labor Supplied
$7.25/hr	7,000	800
$9.25/hr	6,900	3,800
$11.25/hr	6,800	6,800
$13.25/hr	6,700	9,800
$15.25/hr	6,600	12,800
$17.25/hr	6,500	15,800

If a wage floor is set at $13.25/hr, the result will be

Group of answer choices

an excess labor demand of 200

an excess labor supply of 200

an excess labor demand of 9,800

an excess labor supply of 3,100

3. Refer to the table below, which describes a labor market.

Wage	Quantity Labor Demanded	Quantity Labor Supplied
$7.25/hr	7,000	800
$9.25/hr	6,900	3,800
$11.25/hr	6,800	6,800
$13.25/hr	6,700	9,800
$15.25/hr	6,600	12,800
$17.25/hr	6,500	15,800

At a wage of $7.25/hr, there will be

Group of answer choices

an excess labor demand of 7,000

an excess labor demand of 6,200

an excess labor supply of 800

an excess labor supply of 9,700

4. Refer to the table below, which describes a labor market.

Wage	Quantity Labor Demanded	Quantity Labor Supplied
$7.25/hr	7,000	800
$9.25/hr	6,900	3,800
$11.25/hr	6,800	6,800
$13.25/hr	6,700	9,800
$15.25/hr	6,600	12,800
$17.25/hr	6,500	15,800

At a wage of $9.25/hr, there will be

Group of answer choices

an excess labor demand of 3,100

an excess labor supply of 6,900

an excess labor demand of 6,200

an excess labor supply of 400

5. Refer to the table below, which describes a labor market.

Wage	Quantity Labor Demanded	Quantity Labor Supplied
$7.25/hr	7,000	800
$9.25/hr	6,900	3,800
$11.25/hr	6,800	6,800
$13.25/hr	6,700	9,800
$15.25/hr	6,600	12,800
$17.25/hr	6,500	15,800

At a wage of $17.25/hr, there will be

Group of answer choices

an excess labor supply of 9,300

an excess labor supply of 22,300

an excess labor demand of 3,100

an excess labor demand of 9,800

6. Over time, the level of education and training in the workforce decreases, causing a shift in the demand for labor. Ceteris paribus, the result of this shift would most likely be

Group of answer choices

a decrease in salaries and wages and a decrease in the equilibrium quantity of workers

an increase in salaries and wages and an increase in the equilibrium quantity of workers

a decrease in salaries and wages and an increase in the equilibrium quantity of workers

an increase in salaries and wages and a decrease in the equilibrium quantity of workers

7. The demand for output in the cotton industry increases, causing a shift in the demand for labor. Ceteris paribus, the result of this shift on the cotton industry labor market would most likely be

Group of answer choices

an increase in salaries and wages and a decrease in the equilibrium quantity of workers

a decrease in salaries and wages and an increase in the equilibrium quantity of workers

a decrease in salaries and wages and a decrease in the equilibrium quantity of workers

an increase in salaries and wages and an increase in the equilibrium quantity of workers

8. The number of workers decreases, causing a shift in the supply of labor. Ceteris paribus, the result of this shift would most likely be

Group of answer choices

a decrease in salaries and wages and a decrease in the equilibrium quantity of workers

an increase in salaries and wages and a decrease in the equilibrium quantity of workers

a decrease in salaries and wages and an increase in the equilibrium quantity of workers

an increase in salaries and wages and an increase in the equilibrium quantity of workers

9. The the government increases the level of subsidies given to workers in farming jobs, causing a shift in the supply of labor. Ceteris paribus, the result of this shift on the farming labor market would most likely be

Group of answer choices

an increase in salaries and wages and a decrease in the equilibrium quantity of workers

an increase in salaries and wages and an increase in the equilibrium quantity of workers

a decrease in salaries and wages and an increase in the equilibrium quantity of workers

a decrease in salaries and wages and a decrease in the equilibrium quantity of workers

10. After a decrease in the number of workers desiring green energy jobs and an increase in demand for green energy products, the labor market in the green energy sector would most likely experience a/an _____ to salaries and wages and a/an _____ in the number of workers.

Group of answer choices

increase; ambiguous change

ambiguous change; increase

decrease; decrease

increase; increase

Answer 1

Q1) option 3)

At eqm, Ld = Ls

Quantity of L Demanded = Q of L supplied

So, L = 6800, w = 11.25

2) option 4)

At wage floor, w = 13.25, Ld = 6700,

LS = 9800

So Ld < LS,

Labor surplus= (9800-6700) = 3100

3) option 2) excess labor demand 6200

At w = 7.25, labor shortage = (7000-800)

= 6200

4) option 1)

W = 9.25, excess labor demand = (6900-3800)

= 3100

5) option 1)

At w = 17.25

Excess labor supply = (15800-6500)

= 9300

6) option 1)

Labor Demand curve shifts to left, so both eqm wage & Q of L falls, as supply curve remains unchanged

Q7) option D)

Labor Demand Curve shifts to right, both w and L rises

Q8) option 2)

Labor supply shifts upwards to left, so wage rise, Q of labor falls

Q9) option 3)

Labor Supply shifts to right, w falls, L rises

Q-10) option 1)

Labor Supply falls, supply curve shifts upwards to left,

Demand curve shifts right

So w rises definitely, but ambiguous effect on L

.

It's mandatory to solve first Four mcq