Homework Answers
"C"
this will create unemployment because some people enter the labor market while some firms reduce the quantity of labor they are willing to employ due to the increased wages in the market. the answer is "C".
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The imposition of a minimum wage on a competitive labor market will likely create additional employment...
The imposition of a binding (effective) minimum wage above the equilibrium wage in the unskilled labor...
The imposition of a binding (effective) minimum wage above the equilibrium wage in the unskilled labor market will (x) reduce the number of unskilled persons employed because of a decrease in the quantity supplied of labor (y) increase the unemployment rate because of a decrease in the quantity demanded of labor (z) reduce employment of unskilled persons because of a decrease in the quantity demanded of labor. A. (x), (y) and (z) B. (x) and (y) only C. (x) and...
In the figure below, when employment is at the level at point C, the wage-setting curve...
In the figure below, when employment is at the level at point C, the wage-setting curve lies below the price setting curve. Assume inflation is zero at point A In a competitive system, firms will begin to prices and this will start a process of Waresting curve Labour productivity Real profit per worker (High unemployment) Price setting curve (Low unemployment Real wage Real wage per worker Employment, N Employment at labour market equilibrium reduce inflation increase inflation Firms will cut...
32. If the government eliminates an effective minimum wage in a competitive labor market, which of...
32. If the government eliminates an effective minimum wage in a competitive labor market, which of the following is true? (A) Minimum wage workers will experience no change in hourly pay. (B) Minimum wage workers will experience a decrease in hourly pay. (C) The number of people employed will decrease because people do not want work for low wages. (D) There will be an excess demand for workers. (E) There will be an increase in the supply of workers.
can someone explain please Question 5 0/2 pts Which of the following is most likely to...
can someone explain please
Question 5 0/2 pts Which of the following is most likely to cause an increase in the inflation rate? a reduction in the percentage of workers who are in labor unions an increase in competition between firms an increase in the non-labor costs of production an increase in the unemployment rate Rising unemployment tends to put downward pressure on wages and prices. In the figure below, when employment is at the level at point C, the...
The national minimum wage is $7.25 per hour for most occupations in the private sector. Over...
The national minimum wage is $7.25 per hour for most occupations in the private sector. Over the past several years, support for an increase in the minimum wage has come from a wide variety of sources. Many of those who support an increase in the minimum wage believe this is one way the government should exercise its social responsibility in an attempt to reduce poverty. The following items address the idea of raising the minimum wage from the current federal...
Problems & Applications (Ch 06) Suppose the minimum wage is $6 per hour in the market...
Problems & Applications (Ch 06) Suppose the minimum wage is $6 per hour in the market for unskilled labor, as shown on the following graph Use the grey point (star symbol) to indicate the market equilibrium wage and quantity of labor in the absence of a minimum wage. Then use the purple point (diamond symbol) to indicate the level of employment at the minimum wage provided, and use the orange point (square symbol) to indicate the quantity of labor supplied...
59. Market equilibrium A market equilibrium is a quantity-price pair in which: A. The government equates the selling and buying price of The price is such that the quantity demanded is equal to t...
59. Market equilibrium A market equilibrium is a quantity-price pair in which: A. The government equates the selling and buying price of The price is such that the quantity demanded is equal to the The level of happiness among people is as high as possible. supplied quantity supp A price increase would cause people to want to buy 1 of the good. E. The supply curve and demand curve are equivalent. The Marginal Product of Labor (MPL) is equal to...
Suppose that you have been hired to analyze the impact on employment from the imposition of...
Suppose that you have been hired to analyze the impact on employment from the imposition of a minimum wage in the labor market. Further suppose that you estimate the supply and demand functions for labor, where L stands for the quantity of labor (measured in thousands of workers) and W stands for the wage rate (measured in dollars per hour): Demand: LD 90-5 Supply: -5W First, calculate the free-market equilibrium wage and quantity of labor. The competitive market equilibrium wage...
macroeconomics 3. Technology and minimum wages are the answers correct Tool tip: Use your mouse to...
macroeconomics
3. Technology and minimum wages
are
the answers correct
Tool tip: Use your mouse to drag the green line on the graph. The values in the boxes on the right side of the calculator will change accordingly. You can also directly change the values in the boxes with the white background by clicking in the box and typing. When you click the Calculate button, the graph and any related values will change accordingly. WAGE (Dollars per hourl 15 MARKET...
In the figure below, when employment is at the level at point C, the wage-setting curve lies below the price setting curve. Assume inflation is zero at point A In a competitive system, firms will begin to prices and this will start a process of Waresting curve Labour productivity Real profit per worker (High unemployment) Price setting curve (Low unemployment Real wage Real wage per worker Employment, N Employment at labour market equilibrium reduce inflation increase inflation Firms will cut...
32. If the government eliminates an effective minimum wage in a competitive labor market, which of the following is true? (A) Minimum wage workers will experience no change in hourly pay. (B) Minimum wage workers will experience a decrease in hourly pay. (C) The number of people employed will decrease because people do not want work for low wages. (D) There will be an excess demand for workers. (E) There will be an increase in the supply of workers.
can someone explain please
Question 5 0/2 pts Which of the following is most likely to cause an increase in the inflation rate? a reduction in the percentage of workers who are in labor unions an increase in competition between firms an increase in the non-labor costs of production an increase in the unemployment rate Rising unemployment tends to put downward pressure on wages and prices. In the figure below, when employment is at the level at point C, the...
Problems & Applications (Ch 06) Suppose the minimum wage is $6 per hour in the market for unskilled labor, as shown on the following graph Use the grey point (star symbol) to indicate the market equilibrium wage and quantity of labor in the absence of a minimum wage. Then use the purple point (diamond symbol) to indicate the level of employment at the minimum wage provided, and use the orange point (square symbol) to indicate the quantity of labor supplied...
59. Market equilibrium A market equilibrium is a quantity-price pair in which: A. The government equates the selling and buying price of The price is such that the quantity demanded is equal to the The level of happiness among people is as high as possible. supplied quantity supp A price increase would cause people to want to buy 1 of the good. E. The supply curve and demand curve are equivalent. The Marginal Product of Labor (MPL) is equal to...
Suppose that you have been hired to analyze the impact on employment from the imposition of a minimum wage in the labor market. Further suppose that you estimate the supply and demand functions for labor, where L stands for the quantity of labor (measured in thousands of workers) and W stands for the wage rate (measured in dollars per hour): Demand: LD 90-5 Supply: -5W First, calculate the free-market equilibrium wage and quantity of labor. The competitive market equilibrium wage...
macroeconomics
3. Technology and minimum wages
are
the answers correct
Tool tip: Use your mouse to drag the green line on the graph. The values in the boxes on the right side of the calculator will change accordingly. You can also directly change the values in the boxes with the white background by clicking in the box and typing. When you click the Calculate button, the graph and any related values will change accordingly. WAGE (Dollars per hourl 15 MARKET...
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